Leisure spending boosted by more confident millennials
EatingOut
20 | Hospitality Today | Feb / March 2017
Trends & News
Leisure spending boosted by more confident millennials
Spending in the UK leisure sector was driven by millennials in the fourth quarter of 2016, with higher confidence among this age group leading to an increased desire to spend on experiences such as eating out, according to Deloitte.
In research published this month, based on a survey of 3,000 UK adults, the proportion of those aged 18-34 years old who reported spending more on eating out and drinking in bars, cafés and restaurants than they did in the previous quarter rose by three percentage points, from-8 to-5.
The boost in leisure spending has been largely driven by millennials’ growing confidence about disposable income, debt and job security. Deloitte’ s Consumer Tracker found that confidence amongst 18-34-year-olds is now at a six-year high.
By comparison, older consumers are spending less on eating and drinking out, falling by one percentage point for those aged 35-54(-10 to-11), and by two percentage points for those aged 55 or over(-9 to-11).
Simon Oaten, partner for hospitality and leisure at Deloitte, comments:“ The leisure sector fared well throughout 2016 and ended strongly in the final months. It is reassuring to see that younger consumers have not been put off by political uncertainties, and have continued to spend their money on leisure activities, such as dining out.”