Monthly like-for-like sales in hospitality were up 4.1% compared with January 2022, the majority of which was driven by a 15.2% bounce in London.
Rising prices over the last 12 months have impacted raw sales data. Although sales figures are increasing, these numbers lag behind inflation, which in real terms, will be a decline for some operators, particularly those outside of London.
Richard Hartley, chief innovation officer, added: “The figures aren’t adjusted for inflation, so we’d naturally expect to see some level of bounce. The capital took a lot longer to recover as we came out of Omicron, so last year’s figures act as a low basepoint. This reality goes a long way towards explaining why the 2023 numbers look better than they are.”