Spend in restaurants grows 8.6%

Spend in restaurants grows 8.6%

Consumer spending in restaurants grew 8.6% year-on-year in October, helping overall entertainment spend to rise 10.8%.

The new spending data released by Barclaycard also revealed that pubs performed even stronger at 11.7%.

Entertainment was also boosted by ticket sales, which performed particularly well at 22.1% growth, following Glastonbury Festival tickets going on sale.

Non-essential expenditure increased a modest 4.1%, with the retail sector struggling with -5.9% in department stores and -2.4% in clothing, bringing overall consumer spending to 4.4% growth in October.

Stronger average earnings growth in the UK suggests why 19% of consumers say their wages have gone up enough for them to have a little more money to spend each month. However, Brits remain cautious, as half are saving their extra money or paying off debt, and one-third are putting it towards Christmas.

Furthermore, just 28% of UK consumers say they have confidence in the UK economy – the joint lowest proportion since Barclaycard started monitoring consumer confidence in 2014.

“While the retail sector has continued to face challenges, the experience economy provided a welcome boost to overall spending in October with consumers going for meals out and purchasing tickets to events and shows,” says Barclaycard director Esme Harwood.

“Ongoing economic and political uncertainty has led to a decline in confidence, with consumers remaining cautious with their spend in the run-up to Christmas.”