Restaurant spend declines amid inflation concerns

By James McAllister

- Last updated on GMT

Restaurant spend declines in October amid inflation concerns says Barclaycard

Related tags: Restaurant, Casual dining, Sales, Coronavirus, Inflation

Restaurant spending dropped by nearly 10% in October amid consumer concerns about inflation and rising household bills, the latest data from Barclaycard shows.

Spending on bars, pubs and clubs slowed compared to previous months, but did see a rise of 37.1% against growth of 43.5% in September. 

Restaurant spending saw a decline of 8.3%, which follows a drop of 2.1% the month before.

Takeaway sales, however, remain buoyant, with spending on takeaway food jumping by 127.1% during October compared to 2019 'as the colder weather led more Brits to order fast food via delivery apps'.

Overall consumer card spending grew by 14.2% in October, compared to the same period in 2019. 

Barclaycard notes that ongoing supply chain shortages 'continue to weigh on Brits’ minds', with 34% of consumers being so concerned about shortages in stores that they are changing their approach to Christmas shopping this year.

“The expensive festive period on the horizon, combined with ongoing concerns around the impact of inflation and supply chain shortages, has meant we’ve seen steady yet cautious spending from consumers in October," says Jose Carvalho, head of consumer products at Barclaycard.

“While the uncertainty around rising household bills appears to be weighing on Brits’ minds, the encouraging growth we’ve seen in entertainment and international travel shows that consumers are still keen to enjoy leisure activities and holidays.

"As the nation continues its Christmas shopping and gears up for Black Friday and other sales, we’re confident that November should bring some welcome cheer to retailers.”

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