One in four Brits to spend less on drinking and dining this year

One in four Brits will spend less on drinking and dining out this year according to a new report by business advisory firm RSM UK.

The ‘Who are today’s consumers?’ report also predicts that a quarter of millennials will spend more in restaurants and bars.

In these cash-strapped times it’s no surprise that many of us are looking to tighten our belts by cutting back on eating and drinking out.

These were the findings of a study by audit, tax and consulting service RSM, which surveyed 2,000 people on their spending plans over the next twelve months.

However, there was also cause for optimism as 25% of millennials are looking to spend more in bars and restaurants in 2018.

The study also found that over a quarter of millennials are willing to pay a 10% premium on food and drink that is Fairtrade and ethically sourced.

Paul Newman, head of leisure and hospitality at RSM, said: “Restaurant and bar owners are enduring something of a perfect storm of challenges at the moment with rising costs, consumer confidence softening, competition intensifying and Brexit casting a long shadow over the future.”

Newman added, however, that the survey results were hopeful with millennials planning to spend more on eating and drinking out. He said: “This cohort crave experience where customisation and personalisation come to the fore.”

The main thrust of the report backed up the longterm swing from products to experiences, citing social media as a catalyst for consumers spending more on holidays and wellness retreats (what it describes as “brag-worthy experiences”) rather than beauty products, homeware and clothes.