illennial favourite online bank Monzo has revealed some London spending trends in a year in which the pandemic saw consumers drastically change their habits.
Monzo, known for its distinctive bright orange debit card, identified and shared with the Standard data on which delivery apps, streaming services and supermarkets were most popular with its capital-based customers in 2020.
If you feel like all you spent your money on this year was Netflix and takeaways, the fact that others are in the same boat might be some comfort.
The fintech firm found that overall, London “spent 2020 eating in”, gaming and streaming.
Calculated by transaction volume, Deliveroo was the most-used food option, followed closely by Pret, McDonald’s and Uber Eats.
When it came to entertainment, Londoners’ were most likely to pay for Spotify, with streaming services Google Play and Amazon Prime coming in second and third places.
London-based Monzo cardholders’ most-used grocery retailer was Tesco, with Sainsbury’s coming in second.
The bank also highlighted the growth in popularity of home-delivery veg boxes in London as former commuters worked from home. It said: “Interestingly, Oddbox fruit and veg box delivery came in seventh, demonstrating the popularity of grocery delivery during the year when people spent a larger portion of time at home.”
Looking nationwide, Monzo found its savers squirrelled away £80million as the pandemic cut everyday costs.
The bank is a UK fintech success story which has managed to rack up 5 million customers.
It was founded in 2015 and rose to popularity in part due to the card’s ability to be used charge-free when travelling outside the UK, and in part because its app is billed as an easy way to keep on top of spending. In the year to February 2020 it made more than £67 million in revenues, but saw losses rise to £113.8 million from £47.1 million.