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Brits are dining out, but spending less

Author Damien Wilde
Posted On 22nd April 2015

Wallet

The first quarter of 2015 is now consigned to the books. Initially, we saw that the catering and hospitality trades had a strong start to the year with positive January and February results being posted, but did that trend continue through the month of March and how does the calendar year so far it compare to the same period last year?

Well, according to Barclaycard’s latest consumer report, those at the top, along with Julius Caesar, should beware the Ides of March.

Customer spending increased by a whopping seventeen percent year-on-year for the first quarter of this year, but the average transaction amount dipped by just over five percent as the British public appeared to close their purse strings somewhat.

Barclaycard suggest that diners are beginning to move away from posher restaurants in favour of more economically friendly establishments.

These results will undoubtedly please landlords and properties of these venues, as Andy Slee, a director of Punch Taverns, explains: “Companies have invested £400m in pubs over the last couple of years to improve their attractiveness to consumers.”

“[Now] for drink, it’s about providing a high quality. For food, it’s become ‘everyday’ as opposed to ‘special occasions’ eat out,” he said

This suggests that more people are migrating to the medium and lower ends of the market where they feel that they can get value for money, and it’s not just a one off either: The NPD Group state that the number of Brits opting for a ‘budget’ dining experience has grown from nine to twenty-five percent in six years.

Therefore, it seems that people are increasingly looking for value for money when it comes to dining out.

Would you agree with that assessment and what are your experiences of the restaurant and catering trade during 2015’s Q1?

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