Social spending
Sentiment towards eating out has improved with 7% fewer respondents reporting a decrease in their frequency of eating out compared to six months ago. The number of consumers who reported an increase in their frequency of eating out rose by 5%.
Millennials are the most likely to prioritise the social interaction of eating out along with earners with high disposable income (those earning over £80k per year).
58% of lower income households (those earning less than £20k per year) are reducing their frequency of eating out as well as 62% of Gen X, with the cost-of-living crisis causing them to prioritise household costs over discretionary spending.
Affluent families with earnings of £60K+ will eat out in a restaurant twice as frequently than the average consumer in the next 12 months (twice a month).
Eating and drinking out
Whilst higher costs persist, price sensitive consumers are still looking for ways to support spending on eating and drinking out.
of Baby boomers don't plan to reduce spend on eating and drinking out, making them the least likely to change their habits.
of Gen X and Millennials will reduce their frequency of eating and drinking out this year, making them the most likely to do so.
Gen Z and Millennials are most likely to seek out cheaper venues as alternative social outlets.
Venue choice
Pubs will remain the preferred choice of venue for consumers in 2024, offering value for money in a time of financial hardship.
High earners will visit pubs and restaurants twice as often as other consumers and visit nightclubs, bars and competitive socialising venues over three times as often.
Socialising through the ages
Gen Z plan to visit late night bars a third less than last year and will increase visits to pubs.
Millennials will be going to nightclubs more frequently in 2024, while all other age groups will be decreasing their visits to these venues.
Gen X will reduce their time in traditional outlets like pubs and restaurants, but increase visits to competitive socialising venues, bars and casinos.
Baby boomers are the most likely to visit pubs more often. However, they will reduce the frequency of visits across all venues next year.
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