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February spend in restaurants and pubs up 9.7% and 10% respectively

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February spend in restaurants and pubs up 9.7% and 10% respectively

Restaurants and pubs remained one of the strongest performing sectors for consumer spending in February, according to data from Barclaycard.

A healthy growth in spend of 9.7% and 10% for restaurants and pubs respectively is ahead of general consumer spending growth of 3.8% for the month.

However, Barclaycard said that while spending in restaurant and pubs remained strong, the February figures did not quite match the strong spells of double-digit rises seen in 2017.

Paul Lockstone, managing director at Barclaycard, said: “This is the third consecutive month that we’ve seen household spending growth above the prevailing rate of inflation suggesting that, while consumers remain cautious about their household finances, they continue to strike a balance between spending on essentials and on luxuries, whether that’s a holiday abroad or tickets for the latest blockbuster.

“With a year to go before Brexit, consumers are cautious about the potential ramifications of whatever settlement the UK achieves, and half of us fear that the outcome will leave us worse off than we are now. As negotiations continue it’s likely that this will continue to weigh on sentiment.”

The ongoing growth in consumer spending in restaurants and pubs has taken place against the backdrop of a plethora of closures in the casual dining sector which indicates the over-supply of sites in recent times.

Pubs and restaurants see growth in consumer spending in January

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Pubs and restaurants dodge effects of cautious consumer spending

 

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