A third of Brits spent less on eating out in 2017

A third (33%) of Britons say they spent less on eating out in 2017 as consumers looked tighten their belts.

That’s according to the British Lifestyles UK 2018 report, published by market intelligence agency Mintel, which noted this was a slight increase on the 31% who said the same the previous year.

Of the adults who said they cut back the amount they spend on eating out last year, two-thirds (66%) said it was to save money, which could reflect concerns of living cost increases as a result of Brexit.

Of the adults surveyed in December 2017, more than half (51%) said they were worried about how Brexit will impact their regular costs, up from 46% who said the same in July 2016.

But despite mounting cost pressures and economic uncertainties, the value of the UK foodservice market (including eating out and takeaways) continued to grow, reaching an estimated £70b in 2017.

The UK’s relatively resilient economy meant that consumer confidence has continued its upward trajectory over the past five years, with 72% of adults today describing their financial situation as healthy/OK, up from just 66% in 2012.

This has helped to increase total consumer spending to £1.25t in 2017, an increase of 3% on 2016 when spending stood at £1.2t.

Jack Duckett, senior consumer lifestyles analyst at Mintel, said: “Consumer confidence has continued to improve over the last five years, although the uncertainty surrounding Britain’s future role outside of the EU could limit any hopes of a greater increase in consumer confidence.

“This is perhaps already being reflected by more modest growth in consumer credit than has previously been seen, and could mean more cautious consumer spending in the near future.”

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Post Author: MNS Master

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