The average amount consumers spend each month in restaurants, takeaways and pubs has fallen since the start of the pandemic and, while restaurants have been hardest hit, takeaways are weathering the story, says new research.
An independent survey of 2,000 UK adults by virtual food concept Peckwater Brands reveals that restaurants have seen the highest drop-off in consumer spending since the start of 2020, down 16% from £58.90 per person per month to £49.30. Spending in pubs fell 14.6% from £47.90 to £40.90, while spending on takeaways saw the lowest reduction, falling just 10% from £47.70 to £42.30. That said, takeaways remain an expenditure that many Britons are keen to maintain with the average UK adult’s annual spending on food to go is £507.60, rising to £615.60 among men and even higher to £895.20 among 18-34-year-olds.
While the cost-of-living crisis continues to loom large, the majority (63%) of UK adults surveyed said they still consider takeaways a treat they look forward to, with 34% intending to continually get them regularly (at least once per month) with 33% budgeting for this expense. Among millennials, these figures rise to 53% and 51%, respectively – though 61% of respondents noted the price of takeaways going up. Sam Martin, CEO of Peckwater Brands, said: “It is not surprising to see consumer spending falling, but the devil is in the detail.
Namely, when finances are squeezed, which type of food and drink will people still budget for. And clearly, the comfort and ease of a takeaway have protected this area of the hospitality sector to a large extent, while restaurants and pubs are taking a harder hit.”
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