Weakening consumer confidence hasn’t stopped the British public from eating and drinking out.
That’s according to the latest Coffer Peach Business Tracker, which showed like-for-like sales up 0.6% in June, following a 0.4% decline in May.
The figures, collected from 36 companies across the country, saw pub and bar group collective like-for-like sales up 1.1% on June 2016, with casual dining restaurant chains marginally down 0.2%.
London had the best of the trading, with like-for-like sales up 1.2% against a rise of 0.4% outside the M25. London pubs had a particularly good month, with like-for-like sales up 2.4%.
“Fears of consumers cutting back on spending so far appear premature, at least when it comes to going to the pub or restaurant,” said Peter Martin, vice-president of CGA Peach, the business insight consultancy that produces the tracker in partnership with Coffer Group and RSM.
“The good weather in June will have helped pubs rather than restaurants, but a positive return across the market, even if modest, is good news,” Martin added. “We essentially have a flat market, which considering the uncertainty in the wider economy and the increasing cost pressures that the out-of-home market is experiencing, will be welcomed by operators.”
Trevor Watson, executive director, valuations, of Coffer Corporate Leisure, said: “Undoubtedly the favourable weather will have improved the wet-led trade in particular. The impact of terrorist attacks on London wet-led venues appears to have been relatively modest compared with previous incidents. DCL is experiencing high levels of activity with large numbers of both buyers and sellers for all forms of licensed property at present with a perceived change in market sentiment coming.”