More than 6,300 bars and restaurants will fail by 2015.
That's the grim prediction from accountant and business adviser BDO, which warned that hospitality businesses would need to adapt to survive.
As part of a wider study into the state of the retail market in the UK, BDO said that the post-crunch consumer has shifted to a "more reasoned and thoughtful" form of consumption.
The company said that customers were now less impressed by size, volume or variety and were making more purchasing decisions based more on individuality of service.
Don Williams, head of retail at BDO commented: "One size no longer fits all. Businesses will not survive and thrive if they do not take steps to understand the psychology of the new consumer. The recession has been a catalyst for change and people are becoming much more demanding - they want a personalised experience without paying a premium for it. That means consumers want to buy from retailers who target and treat them as individuals."
The study is the second report in a series called Transitions, and aims to provide guidance to businesses who want to re-think who their customers are, and reconsider the level of service they are providing.
But it was not all bad news. BDO also said that consumer spending is expected to recover and continue to grow, with growth in retail spend forecast to edge up from 2.6% to 2.8% next year.
By Neil Gerrard
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