THE LEADING PUBLICATION FOR THE HOSPITALITY SECTOR & LICENSED TRADE Issue 167
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Hospitality Buoyed By Price Increases & Hot Weather Despite Reduced Footfall
Increased prices across the hospitality sector drive year-on-year spend increases despite the number of visits taking a hit for many, as customers look to curb their spending. This is based on the new State of Spend report from Cardlytics which gleans insights from the spending habits of over 20 million UK bank cards, and polling of 2,000 UK consumers. The report sreveals an 8% rise in average transaction values buoyed year-on-
year spend in Q1 – with total spend across the hospitality sector rising 3%, in spite of the number of trips falling 3% in the same period. Despite this growth, high inflation threatens to further increase prices, weakening consumer purchasing power and leading to more cutbacks on non-essentials. Indeed two-thirds (66%) of consumers are planning to cut back on non-essential luxuries like eating out.
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