Skint Brits are cutting back on pints as they rein in spending at bars, pubs and clubs, new data shows.
More than two in five punters said they were splashing out less at the boozer, with the figure rising to 46% across the struggling hospitality sector.
Latest figures show sales of draught beer and cider, wine and spirits are all down – amid fears of widespread pub closures.
READ MORE: Truth behind exact Wetherspoon closure list revealed – with punters given final weekend
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Consumer spending at pubs and other nightspots flatlined last month, plummeting by 0.5% – the biggest slump since September 2022. There was just a 0.8% month-on-month increase in purchases on fast food, found Barclays’ consumer spend report. While the study shows 50% of Brits are also saving cash by spending less on meals out and takeaways.
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Credit and debit card spending was up by 0.7% year-on-year in October, but down compared to September’s increase of 1.2%. But sales in Britain’s retail and entertainment industries soared by 2.1%, noted the report.
Drinks sales slumped by 5% last month, said analysts CGA by NIQ, with beer down by 3% compared to the same period last year. The number of spirits and ciders served fell by a whopping 14% and 9% respectively, while wine tumbled by 1%.
It follows a warning by City analysts that Chancellor Rachel Reeves’ Budget tax raid will add 5p to the price of a pint. She vowed to slash 1p from the cost of blowing the froth off a cold one, but her hike in employers’ National Insurance Contributions and the minimum wage could actually make the bevvy go up, it was warned.
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Last month the average price for a pint of draught lager was £4.79, said the Office for National Statistics. But despite consumers tightening their purse strings, Barclays’ chief UK economist Jack Meaning remained upbeat about the nation’s fortunes.
He said: “With price pressures continuing to ease and tentative signs that consumer confidence is improving once again, following what appears to have been a post-election dip, we think that the stage is set for real spend growth as we move through the final quarter of the year and look ahead to 2025.”
It came as watering holes and eateries battle a record number of “no-shows” with 14% of customers who reserve tables failing to turn up.
(Image: Getty Images/Wavebreak Media)
Tim Chapman, chief commercial officer at tech firm Zonal, which presented the CGA data, said: “No-shows are a £17.59billion problem for the hospitality sector and the issue does not seem to be going away.
“In fact, this research suggests it has been exacerbated recently by the cost of living crisis.”
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