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Pub visits suffer as recession hits home
Visits to the pub and overseas holidays are set to suffer during 2009 as the concerns over the effects of the economic downturn force consumers to rethink their spending habits, according to new research from Mintel.
British Lifestyles, the market research company's flagship research report, has revealed that around a third of British adults plan to cut back as a consequence of the recession, which will have a significant impact on the leisure sector. The report said that as many as 59 per cent of British consumers are turning their back on drinking in pubs in a bid to reduce spending, although pubs still account for the largest share of spending when it comes to eating out, with more than half of all British adults having dined out at a pub or bar in the past three months.
Overseas holidays are also set to be hit by the downturn in consumer confidence and spending, despite the increase in cheap flights in recent years, as the report suggests that the expanding trend of overseas holidays in recent years will be reversed in favour of domestic holidays. The likely increase of the number of people choosing to holiday at home this year will be of major benefit to UK holiday centres, such as Butlins, Pontin's and Center Parcs. British Lifestyles reports that holiday centres represent 16 per cent of the UK holiday market, a figure that is continuing to grow.
James McCoy, Mintel's head of consumer research, said: "Fear alone can cause major spending adjustments. A significant three in ten adults have cut back on their spending not because they have to, but mainly through fear of how the recession might affect them. "In these difficult times, it is evident that consumers are changing their spending behaviour and adapting, whether or not it is necessary. It seems as a nation we are thinking ahead, and for those who have not been personally affected by the recession, preparation is key."
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