Chancellor supporting consumer confidence: The Chancellor’s Eat Out to Help Out initiative has been a massive success so far, motivating more than 35 million meals being purchased in the first two weeks of August. This has seen restaurants, pubs and others in hospitality across the UK welcome back consumers and bolster their revenues significantly.
It has also seen consumers get back to going out, venturing to travel on public transport providing footfall that fuels consumer confidence, essential for a wider recovery.
Consumer confidence is fragile and as such needs every piece of stimulus available to help repair and make more robust.
Rishi Sunak has proven to be an astute economist and politician since his appointment in February, judging his agenda and providing actions alongside it perceptively in a way that has stemmed a tide that seemed irresistible.
His furlough scheme has benefited the hospitality sector with 87% of employers furloughing at least one employment. Overall there has been a 77% take-up rate in terms of employments, with over £4.7 billion claimed through CJRS.
The furlough scheme has been incredibly helpful to most hospitality businesses, and the Eat Out to Help Out initiative is proving as/or even more valuable in rebuilding consumer confidence.
It will be interesting to watch and see what the Chancellor does in the weeks ahead to further fuel a hospitality industry that is still in much need or even more help.
Chancellor supporting consumer confidence – 24 August 2020 – Chancellor supporting consumer confidence