Restaurant and bar spending boosted by confident millennials
The millennial generation is leading the growth in spending on eating and drinking out, according to new research from business advisory firm Deloitte.
Increased confidence among the 18 to 34-year-old age group resulted in in them spending more money in bars and restaurants, up from -8 to -5 percentage points between Q3 and Q4 2016.
The Leisure Consumer Q4 2016 update confirms earlier research from Deloitte which found that confidence about disposable income, debt and job security among millennials is now at a six-year high.
Meanwhile, older consumers are spending less on eating and drinking out, falling by one percentage point for those aged 35-54 (-10 to -11), and by two percentage points for those aged 55 or over (-9 to -11).
Simon Oaten, partner for hospitality and leisure at Deloitte, said that leisure spending was a good indicator of consumer confidence and the state of the UK economy.
"The leisure sector fared well throughout 2016 and ended strongly in the final months. It is reassuring to see that younger consumers have not been put off by political uncertainties, and have continued to spend their money on leisure activities, such as dining out."
However, the research, based on a survey of 3,000 UK adults, revealed that 18 to 34-year-olds are expecting to spend less on eating and drinking and more on holidays and gym activities during the first three months of 2017 than they did in Q4 2016.
"This is a typical trend for the season, with health-conscious consumers keen to get over the January blues," added Oaten.
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