Eating Out Spending Increasingly Rises
Consumer spending on eating out is continuing to rise, with restaurant spend being reported to be up 12.6% year-on-year.
The figure, taken from a recent Barclays survey, shows that September was the 28thconsecutive month in which spend has continued to climb. Another recent report from hospitality data company Horizons, has revealed that eating out in the UK has become less expensive than previous years, leading to more competition for food service outlets to gain market share. The report; ‘Menu Trends’ contained data from menus collected from 120 major brands including pubs, restaurants, quick service restaurants and hotels.
The outlook looks increasingly positive for hospitality and many brands are expecting good returns over the Christmas period. This rise in consumer spending brings with it a heightened sense of competition and many restaurants are fighting it out over who will gain market share. The Horizons report shows that the majority are engaged in a price war and generally prices are getting cheaper for consumers;
“The average cost of an adult’s three-course meal in a pub was £18.74 this summer, compared with £19.19 last year…what we are seeing is operators ensuring their offer is competitive compared to other outlets, and that they are perceived as being cheaper,”- Analyst Nicola Knight from Horizons.
Many venues have increased their focus on side dishes to increase spend-per head, as well as aiming to achieve price leadership, yet at Hill Cross we know that there are other ways to achieve a competitive advantage.
You only have to go on to trip advisor to see that factors such as the interior and ambience of a venue, as well as its service have a huge impact on how consumers rate eateries. By improving the look, feel and experience of a venue, brands and independent outlets can achieve a competitive advantage which is sustainable and truly satisfies the needs of their customers with a unique and quality centred-approach.
Contact our team today to discuss ideas for your new interior and take advantage of our wealth of experience working with some of the UK’s most successful venues. Commercial Interior Design matters when incising your customers to come in and return to your premises. Brand awareness and image are key to success.
If you are looking to re design and re fit your restaurant or bar it is important that you consider the best time to do so. Reopen when business is picking up- we all know how seasonal the industry can be.