Millennials are now spending more on drinking and eating out in the country’s bars and restaurants, recent figures show.
By Press Association
Improved confidence among millennials led to an increase in leisure spending at the end of last year, figures show.
Spending on the UK leisure sector, including eating and drinking out in bars, cafes and restaurants, was driven by 18 to 34-year-olds in the last quarter of 2016, Deloitte said.
Younger consumers expect to increase their spending on holidays in the first quarter of this year, and by a greater proportion than those aged 35 and over, the survey of 3,000 UK adults found.
The proportion of those aged 18 to 34 who reported spending more on eating out and drinking in bars, cafes and restaurants than they did in the previous quarter rose by three percentage points, from minus 8 in the third quarter to minus 5, largely driven by their growing confidence around disposable income, debt and job security.
Deloitte’s tracker recently found that confidence among 18 to 34-year-olds is at a six-year high.
By comparison, older consumers are spending less on eating and drinking out, falling by one percentage point for those aged 35 to 54 by two percentage points for those aged 55 or over.
Simon Oaten, partner for hospitality and leisure at Deloitte, said: “The leisure sector fared well throughout 2016 and ended strongly in the final months.
“It is reassuring to see that younger consumers have not been put off by political uncertainties, and have continued to spend their money on leisure activities, such as dining out.
“Leisure spending is a good indicator of consumer confidence and the overall direction of the UK economy. Following a period of favourable conditions, including low inflation, unemployment and interest rates, consumers feel generally positive and have sufficient disposable income to justify spending on non-essential leisure activities.”