Restaurants in the UK have significantly increased in confidence over the past year, according to American Express’ second annual Hospitality Monitor. The majority (80 per cent) of restaurateurs and hoteliers said they felt “as confident” or “more confident” about their business prospects over the last 12 months, compared to 71 per cent last year. Nearly half (48 per cent) of UK hospitality businesses said they had increased their prices in the past 12 months.
Restaurants’ key business objectives were increasing spend from existing customers (67 per cent), and 62 per cent said they would concentrate on reducing costs. Nearly two thirds (60 per cent) said they expected revenue to stay the same or increase in the first six months of the smoking ban.