Londoners spend cautiously on leisure during 2016, but young people remain positive on their household’s finances
This month’s Greene King Leisure Spend Tracker shows that people living in London and the South East have been more cautious in their spending on leisure than the rest of Great Britain so far this year.
Those living in London and the South East have significantly reigned in their spending with the region’s total leisure spend down 9 per cent, equating to a £20 fall in spend by the average household, compared to the same period last year. Greater economic uncertainty in the UK and abroad is likely to be a driver of this increased caution.
Across the rest of Great Britain, leisure spend was more robust. The total leisure spend for those outside London and the South East fell by only £12, £8 less than those in London and the South East.
Spend on Eating Out and Drinking Out has remained broadly flat with ‘Other Leisure Spend’, which includes theatre, cinema and sporting events, as well as museum, casino and bowling trips, responsible for the majority of the fall in total leisure spend. Households in London and the South East reduced Other Leisure spend by £10, or 12 per cent, and households with children reduced their spending by as much as £15 or 15 per cent, year on year. The wet weather throughout the month, including during half term, appears to have dampened enthusiasm for wider leisure events.
However, despite a lack of confidence in the economic outlook, particularly among those in the capital, further data from the Leisure Tracker indicates that the UK’s younger population remain optimistic about their financial future. Over 68 per cent of 25 – 34 year olds say their household financial situation is the same or better than it was five years ago. Over three quarters of the same age group felt their household’s overall financial situation is likely to be the same or better in a year’s time.
Key highlights
- In February, the average British household spent £181 on out of home leisure, a 2% decline in spending compared to January but a 7% fall year on year.
- Eating Out fell 4% or £3 year on year and by £2 (3%) month on month
- Drinking Out fell £3 or 7% year on year but stayed broadly the same month on month
- The spend in Other Leisure was the most significant fall with £8 or 11% year on year and £5 or 7% month on month
Commenting on this month’s Leisure Spend Tracker, Fiona Gunn, Greene King group marketing director, said: “There is uncertainty on the economic outlook, and this could be trickling through to consumer spending. However, we’re happy to see that young Brits are remaining optimistic and hope that their positivity is carried through into wider sections of the population over the coming months.”