The Greene King Leisure Spend Tracker has revealed 18 to 24 year olds are the most optimistic about their spending prospects in 2015.
The latest report, which looked at how Brits expected their leisure behaviour to change in 2015, shows 30% of 18 to 24 year olds plan to increase the amount they spend on Eating Out, with a similar increase expected for drinking outside the home.
In contrast, a quarter of households with kids expect to reduce spend on these two activities considerably more than those who expect to increase it.
When it comes to leisure spend in January, 18-24 year olds also led the march with a strong increase in Eating Out, up 13% compared to the same month last year.
Key Highlights
- 18-24 year olds are the most optimistic about their leisure spend in 2015 with 30% planning to increase spending on eating, and a similar amount on drinking, outside the home
- The majority of Brits expect to maintain 2014 levels of Eating Out and Drinking Out spend in 2015
- Only 5% of British adults intend to try new types of alcoholic drinks and 16% plan to try new foods this year
- In January, spend on Eating Out increased by 13% year-on-year, with the 18-24 year old age group experiencing the greatest growth in spend of this leisure type
- This compares to total leisure spend for January decreasing by 4% year-on-year to £183, and 13% compared to December
- Other Leisure spend continued to see a trend of strong decline, down 19% year-on-year
- Drinking Out spend decreased 1% year-on-year
- Households in London and the South East saw spend on out of home leisure fall £36 (15%) year-on-year. However, households elsewhere in Britain saw spend increase modestly by £4 (3%)
Fiona Gunn, Greene King’s marketing director said: “Britain’s youth have had a tough time during the credit crunch but this month’s leisure tracker suggests the worst is now behind them. Our survey found that 18-24 year olds are willing to spend more on eating out, drinking out and big ticket items this year than in 2014. This is a sign that Britain’s youth may now be more confident about their job security, wages and better prospects in 2015 and consequently expect to have more spare cash to spend on having a good time.”
The report also found that the nation lacks an appetite for trying new foods and drinks, as just 5% of adults expect to try new alcoholic drinks this year. The figure for trying new foods rises to a modest 16%.
Fiona continued: “When it comes to trying new alcoholic drinks, just 5% plan to be more adventurous and, with less than a fifth intending to drink less alcohol, it seems the ‘usual’ shouldn’t be too compromised this year. There is also a lacklustre taste for trying new foods, with a mere one in seven Brits planning to try something different. It seems, when it comes to eating and drinking, many of us are guilty of being stuck in our ways.”
4% decrease in total leisure spend
For January, the Greene King Leisure Spend Tracker reported a 4% decrease year-on-year on total leisure spend, to £183, and down 13% compared to December. Eating Out once again showed growth, up 13% year-on-year, while spend on Other Leisure showed a sustained decline, at 19% compared to last year. Drinking Out proved more resilient with just a 1% decrease on the year before.
Fiona added: “Eating Out spend has continued to experience strong growth and the 13% rise this month could be, in part, a result of a fall in petrol prices and inflation reaching record lows, giving Brits more to spend on their favourite leisure activity. Drinking Out was slightly down in January, but it was Other Leisure that found it tough, bringing down the total figure for the month.”
Regional split
The report has also revealed a regional split for January, as London and the South East reduced spend on the leisure by 15%, while households elsewhere in Britain increased their spend by 3%. Fiona said: “Households in regions across Britain spent more on leisure in January than their London and the South East counterparts, particularly on Eating Out, where the increase in spend doubled. This change may suggest other regions are starting to benefit from the more positive economic outlook.”
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