UK eating out market poised for +4.6% value growth in 2023

05-Jun-2023 - Last updated on 05-Jun-2023 at 10:15 GMT

The UK eating out market is forecast to grow by 4.6% this year, compared to 2019, according to new data from Lumina Intelligence.

The annual UK Eating Out Market Report, which sheds light on the current trends and future prospects of the restaurant industry, indicates that the space is expected to reach a total value of £95.2bn in 2023.

This comes off the back of recent data that shows promising market penetration in recent months, indicating increased consumer confidence.

Additionally, as UK consumer spending power is expected to improve towards the end of 2023 alongside easing energy bills, the industry is poised for further growth, according to Lumina.

Other significant findings from the report include the anticipated reversal of outlet decline in 2023.

After three years of closures, new openings are expected to outpace closures this year, driving an outlet compound annual growth rate of +0.3% from 2023 to 2026.

Channels such as coffee shops, fast food, and sandwich and bakery are leading this expansion, capitalising on growth opportunities in diverse formats and locations, including travel hubs, high streets, and out of town destinations.

For further information or to access the full UK Eating Out Market Report, click here.