Restaurants experienced 8.8% spend growth year-on-year in August, study says

Soaring prices drives Brits in planning to reduce expenditures despite spend growth.

Consumer spending on restaurants had an 8.8% increase year-on-year in August, Barclaycard reported.

Split into two more segments, in-store spending rose to 9.8%, while online spending took a 3.8% fall.

Overall, consumer spending experienced a growth of 4.5%, boosted by the growth on petrol and supermarket expenditures to 10.9% and 5.0% respectively.

Other drivers are amusement parks with 9.2%, aquariums having a 22.1% rise and travel agents with 11.0%

However, results further show that 58% of Brits are worried with the rising inflation. As summer ends, 34% says that they will now begin reducing their expenditures. 39% of them are even willing to cut spendings on entertainment or going out.

“Brits have been feeling confident enough in their spending power to enjoy summer events and evenings out. However, it’s clear they’ve struck a balance between spending on essentials and treating themselves,” Esme Harwood, director at Barclaycard, said.

“Looking ahead, it appears that many consumers are planning to tighten their belts and keep a closer eye on their finances after spending more than usual over summer.”