A new report from Deloitte has revealed that Britons are eager to spend more on leisure activities despite the economic downturn
Given UK growth has remained low ever since the EU referendum, you’d be forgiven for believing that people would hold on to their hard-earned dosh rather than spending it on fun and games. However, it seems as if they’ve opted for the opposite with leisure spending having jumped in the final quarter of 2017, according to new research from Deloitte, the auditing firm.
Having surveyed over 3,000 adults, Deloitte reveals that spending in seven out of 11 leisure categories rose between October and December last year compared to the same period in 2016. People seemed particularly inclined to spend money on short holiday breaks, with this category increasing by 2%, while hitting the gym, having a pint at the pub and attending live sport events each also saw a 1% year-on-year rise. Interestingly, going to coffee shops dipped by 3% and eating out decreased by 2% compared to Q4 the previous year.
Despite those few blips, it seems as if consumer spending will increase in 2018. In fact, people expect to spend more in six out of 11 categories between January and March. While short breaks led the way in the final quarter of 2017, big holidays are set to become huge leisure-spending draws in the first quarter of 2018 and are expected to increase by 4% during that period. People are also expecting to buy more culture and entertainment experiences, increase their exercise expenditure and see more live sports events.
Commenting on the findings, Simon Oaten, partner for hospitality and leisure at Deloitte, said: “These findings paint a positive picture for the leisure sector, which ended 2017 on a high as consumers continued to seek out experience-based activities. The increase in leisure spending comes against a backdrop of various income pressures that have been squeezing consumer pockets in the last year, including rising inflation and slow wage growth.”
In other words, despite the economic downturn, entrepreneurs in the leisure industry still have reason to feel optimistic.