Pub spending softens but restaurants hold firm as consumers balance the books
The growth in consumer spending on pubs has slowed in August but restaurants spending has held firm, as overall spending remained "muted".
That's according to Barclaycard, which said that balancing the books now appeared to be the top priority for Brits, with only five in ten (54%) feeling confident about their household finances, down from seven in ten in June.
Overall consumer spending growth slowed to 2.9% in August, compared to a 2017 average of 3.8%.
Pub spending growth fell to single digits for only the second time this year, but was still at 9.2% in August. Restaurants saw sustained momentum though, at 12.4% for August.
Barclaycard found that half (47%) of consumers are still "feeling the squeeze" due to inflation outpacing wage growth, while a further four in ten (43%) have admitted to changing their everyday spending habits in response to sustained higher prices.
"While the August data makes for interesting reading, it's too early to suggest that this is the start of a new trend where consumers alter their spending patterns each month. As we head into the end of 2017, however, we'll be looking to see if this approach continues and whether the 'experience economy', which started the year so strongly, will hold up in light of shifting priorities."
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