Valentine’s Day and half term holidays boost hospitality in February


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Valentine's Day and half term holidays boost hospitality in February

Valentine’s Day and half term holidays boost hospitality in February

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Card spending at restaurants rose nearly 7 percentage points to -10.6% from -17.5% in January, as couples celebrated Valentine’s Day and went out with friends for an evening out, according to Barclaycard.

Meanwhile, sales in pubs, pubs and clubs rose 28.7%, almost double the 14.9% rise in the previous month.

Spending on hotels, resorts and accommodation rose by 7.4%, Barclaycard said, with the UK still benefiting from people choosing to holiday at home, with 42% spending more on socialising or holiday planning, prioritizing spending on holiday in the UK.

Overall, consumer card spending rose 13.7% in February compared to the same period in 2020, the highest increase since November 2021.

Consumers were slightly less optimistic about household finances as the rising cost of living continued to dampen confidence. Inflation, rising food prices and energy bills are the main sources of concern for 89% of Britons, with 46% expecting inflation to affect household budgets in 2022.

Despite these challenges, Barclaycard says there are positive signs for the experience economy, with 23% of consumers saying they will spend more on experiences, such as eating out in restaurants, and less on physical goods – a figure Rising to 37% at age 18 –34.

“The strong growth in retail and hospitality shows that the UK is eager to get the most out of life as Plan B restrictions are eased, with many Britons still buying snacks to boost themselves and making social and holiday plans ahead of the year,” Barclaycard said. said José Carvalho, director of consumer products.

“With inflation starting to have an impact on consumer confidence, we are seeing a shift in Britons’ spending habits as Britons look to get more value out of their purchases, especially when it comes to supermarket shopping, which has been in the works since 2020. The slowest growth since February.

“With energy prices rising in early April, we’ll be watching how these price-sensitive behaviors evolve over the next few months.”

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