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It looks like it's going to be a bumper Christmas for hospitality businesses this year, with almost a third (27%) of Brits planning to spend more during the festive season than last year, Greene King's latest Leisure Spend Tracker has revealed.
Of the 4,000 UK adults surveyed, 60% said they have no plans to cut spending this year, while the same figure have either started shopping for presents already or are going to start before the beginning of December.
Marketing director at Greene King, Fiona Gunn, commented that the growth in consumer spending will be a great boost for the economy. "Beyond showing how much Brits enjoy the festive period, [the] findings indicate that consumers are much more confident in their personal finances than in recent years," she added.
Last month, average household spend grew by 1% on-the-year and 8% compared with July. Eating out saw the most significant increase on the year, at 2%, while spend on other leisure activities grew by 1% and drinking out actually witnessed a decline of 2%. Average household spend on eating out in August was £89.32, representing a 6% monthly increase.
With Brits getting into the festive spirit early this year, hospitality businesses are advised to start preparing for Christmas now if they haven't already. A recent study we carried out found that 59% of Christmas parties and half of festive dinners among friends are planning three months ahead of the festive season.
So planning ahead for the festive season might result in a very merry Christmas, for both you and your business.
