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Consumer spending in pubs, restaurants and takeaways falls notably since pandemic

Consumer spending in pubs, restaurants and takeaways falls notably since pandemic

Peckwater Brands finds that monthly spending in the hospitality sector has dropped since 2019

An independent survey of 2,000 UK adults conducted by virtual food brand operator in Europe, Peckwater Brands, suggests an alarming trend – the average amount consumers spend each month in restaurants, takeaways and pubs has reduced since the start of the pandemic.

Restaurants have seen the highest drop in monthly spending, with the average consumption per adult having fallen from £58.90 per person to £49.30, down 16 per cent since 2019. Pubs have seen a decline of 14.6 per cent, and spending on takeaways has dropped 10 per cent. The cost-of-living crisis means that consumer spending is likely to reduce even further, leaving hospitality businesses at risk.

However, despite the rising inflation and energy costs, the research found that takeaways remain an expenditure that many Britons are keen to maintain. Today, the average UK adult’s annual spending on takeaways is £507.60, rising to £615.60 amongst men and even higher to £895.20 amongst 18-34-year-olds.

63 per cent of the surveyed adults said they still consider takeaways a treat they look forward to, with 34 per cent intending to continually get them at least once per month, and 33 per cent budgeting for this expense.

Among Millennials, these figures rise to 53 per cent and 51 per cent respectively, though 61 per cent of respondents noted that the price of takeaways is increasing.

Sam Martin, CEO of Peckwater Brands, said: “It is not surprising to see consumer spending falling, but the devil is in the detail. Namely, when finances are squeezed, which type of food and drink will people still budget for?

“And clearly, the comfort and ease of a takeaway has protected this area of the hospitality sector to a large extent, while restaurants and pubs are taking a harder hit. Hospitality businesses are undoubtedly under pressure, with many in the industry left somewhat dismayed by the recent mini-budget; they are crying out for more support.

“So, as the cost-of-living crisis shows no signs of abating, there is not a day to waste – I encourage these businesses to do all they can to boost their revenues, consumers to budget for hospitality spending, and the government to take decisive action to support pubs, restaurants and takeaways.”

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