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UK spending on hospitality is on the rise for the 26th consecutive month, according to the latest figures from the quarterly Barclaycard Consumer Spending Report.
In particular, the report revealed the restaurant industry has experienced a boost of 12.6% year-on-year, whilst the pub sector reports a rise of 11.6% - a figure likely to be linked to the build up to the Rugby World Cup. The data, collated by this leading payment provider, aims to provide detailed information regarding consumer spending trends based on credit and debit card transaction data, a UK consumer survey and various other avenues of research.
Industry news site, Big Hospitality, covering the Barclaycard revelations, pointed out that this rise in spending, when coupled with data from the recent Horizons' Menu Trends report, offers a valuable insight into the way consumers are choosing to spend their money when eating out. Horizons' Menu Trends reported a drop in the average price of dining out - citing drops in the cost of an adult's pub meal; a three course restaurant meal; a hotel meal; and, most significantly, a two course meal in a quick service restaurant. Additionally, the report noted the amount of side dishes on offer has increased by 45% revealing that it is this area which is helping to boost consumer spend.
Barclaycard has additionally noted a new, positive outlook from consumers regarding their finances on the back of the General Election - before this had taken place, more than half of respondents had voiced concerns about the uncertainty of how the vote would affect their finances. However, now nearly three in five report a more confident approach towards spending money on discretionary items and experiences such as dining out, whilst 30% of respondents reported being in a better position financially than they were a year ago.
Chris Wood, Barclaycard's Chief Operating Officer, commented: "Looking ahead to the last quarter, a majority of consumers say they feel positive about their finances and plan to spend more on non-essentials," - a statement which bodes well for the hospitality industry in the run-up to Christmas.
