Consumer spending dropped further in February but hospitality strongest performing sector

12 March 2018 by
Consumer spending dropped further in February but hospitality strongest performing sector

Consumer spending dropped further in February making this the weakest start to a year since 2012.

That is according to Visa's UK Consumer Spending Index for February, compiled by economists at IHS Markit and based on Visa card spend, which accounts for more than £1 in every £3 spent in the UK.

Consumer spending during the month of February fell 1.1% year-on-year, declining for the ninth time in 10 months. However hotels, restaurants and bars bucked the trend and hospitality was the strongest performing sector, seeing expenditure growth of 4.4%.

Mark Antipof, chief commercial officer at Visa, said: "Britons have been in belt-tightening mode since last summer. February's cold snap certainly didn't alleviate this situation. On the other hand, hotels, restaurants and bars experienced another strong month. The resilience of this sector is somewhat unique, having reported uninterrupted growth since February 2011.

"As we look ahead into March, consumer spending is at risk of posting one of the worst Q1 results on record."

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

Consumers spending more on nights out but less on food >>

Pubs and restaurants see growth in consumer spending in January >>

Videos from The Caterer archives

Are you looking for a new role? See all the current hospitality vacancies available with The Caterer Jobs

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking