October marks the second month in a row of a significant drop in Hospitality sales. Compared to the same period in 2021 sales were down 7.1% (September -6.9%), this is despite a better trading week over half term of -1.5%. These figures show a downtrend in consumer confidence as the cost of living crisis bites. London fared better with a decline of only 0.9%, albeit up against weak trading in 2021.
Richard Hartley, Chief Innovation Officer at S4labour, commented: “It is worrying to see two consecutive months of decline in hospitality spending which feels like a combination of cost pressures felt through the current crisis. Operators should take heart from the better performance at the end of the month suggesting consumers are saving for big events especially with the World Cup and Christmas coming up.”