Restaurant spending grows 9.1% YoY in December 2018: study

It boosted overall consumer spending growth.

Restaurant consumer spending for December 2018 increased year-over-year (YoY) by 9.1% as well as their number of transactions at 13.7%, according to a study by Barclaycard.

Along with pubs who saw a 12.9% growth in consumer spending, the two sectors are said to have countered the 1.1% contraction of supermarket spending. Overall consumer spending slowed to a YoY 1.8% growth in December, which is lowest growth rate since June 2016.

“Growth in consumer spending dropped to its lowest level since 2016 and represents a decline in real terms. Many Brits were more modest in their approach to Christmas spending compared to 2017, cutting back on the essentials to balance the costs of the festive season,” Esme Harwood, director at Barclaycard, said.

Furthermore, high street businesses continue to be threatened. The clothing and department store spending fell by 3.0% and 6.3% respectively.