Spend on overall Eating & Drinking grew by 2.6% in March 2024, an increase compared to the year-on-year growth in February 2024 (2.1%), according to the latest Barclays UK Consumer Spend Report.
This uplift was driven by a rise in spend at Bars, Pubs & Clubs, at 3.2% in March 2024 compared to 1.1% in February 2024, as consumers gathered to watch Six Nations and FA Cup fixtures, and to celebrate St Patrick’s Day.
However, spend at Restaurants decreased by -12.6% in March 2024 versus this time last year, although this was a slight improvement compared to the growth in February 2024 (-13.4%). This comes as 45% of consumers say they are continuing to rein in discretionary spending, with nearly half of these consumers (47%) spending less on dining out.
Meanwhile, cinemas enjoyed their busiest day of the year so far on Saturday March 2nd, right after the UK release date for ‘Dune: Part Two’, 2024’s highest grossing film, with spending 87% higher compared to the average across the month.
Cinemas received a significant spend boost in March due to the release of blockbuster ‘Dune: Part Two’, which shows that consumers still want to get the full cinema experience for big releases.
Richard Robinson, Head of Hospitality and Leisure, Barclays Corporate Banking, said: "Cinemas received a significant spend boost in March due to the release of blockbuster ‘Dune: Part Two’, which shows that consumers still want to get the full cinema experience for big releases."
Spend at Hotels, Resorts & Accommodation rise as consumers book staycations
Spend at Travel Agents grew by 7.1% in March 2024, the lowest year-on-year growth in this category since September 2023 (7.1%). However, this is likely due to consumers already having booked their travels ahead of the upcoming holidays.
Meanwhile, spend at Hotels, Resorts & Accommodation increased by 1.0% in March 2024, the highest year-on-year growth since December 2023 (4.5%), likely due to consumers booking staycations for the Easter Weekend or upcoming Bank Holidays.