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Pubs and restaurants see growth in consumer spending in January

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Pubs and restaurants see growth in consumer spending in January

Pubs and restaurants have both seen a growth in consumer spending during January, according to data from Barclaycard, as Deloitte predicts a stable year ahead for the leisure industry.

Both pubs and restaurants saw double digit growth in the first month of 2018, recording an increase in spending of 12.8% and 10.5% respectively.

The positive results came despite confidence in the UK economy falling to 29%, the second lowest level seen in the past 12 months.

Paul Lockstone, managing director at Barclaycard, said: “While spending on the ‘experience economy’ proved to be a natural and welcome antidote to the January blues, the dip in sentiment revealed by our consumer confidence data, allied to concerns over economic and political uncertainty, is quite telling. It suggests that caution will continue to be the watchword for many consumers as they allocate their household budgets in the months ahead.”

A report of the final quarter of 2017 by Deloitte also recorded positive results for pubs and bars, but found that restaurants did not fare so well.

Both eating out and drinking in coffee shops saw a decline in spending, of two and three percentage points respectively, compared to the final quarter of 2016.

Simon Oaten, partner for hospitality and leisure at Deloitte, said: “In the year ahead, consumers expect their spending on many habitual leisure activities, such as drinking in pubs and eating out, to remain unchanged. In a sign of improved confidence, big-ticket leisure items, such as holidays and theatre trips, are likely to see an increase in spending compared to this time last year.”

Two pubs a day being closed or converted for other uses>>

Restaurant Group reports 3% drop in like-for-like sales>>

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