It has been by far the most talked about subject of 2016. But, whilst many feared the economic impact of the Brexit decision, it seems it’s not deterring consumers from splashing the cash.
The latest figures from Visa and financial data company Markit showed that spending levels actually rose in July, with day trips, clothes and eating out performing particularly well. In fact restaurants – as well as hotels and bars – saw the steepest year-on-year rise, supporting the theory that experiences and instant gratification are currently in huge UK demand.
Perhaps the search for the ‘feel good’ factor comes from the British population being increasingly time poor. Maybe it’s because experiences such as eating out are usually shared with family and friends. Whatever the reason, enjoying a meal expertly cooked by someone else, is big business at the moment. And with spending levels as they are, it seems that this behaviour is becoming less about ‘a treat’ and more about ‘the norm’.
Each year Brits spend a staggering £1.2 billion on fish and chips for example. This means that £1 of every £100 spent on food, is on fish and chips. And this statistics has been around for years, implying that, even if consumers become more cautious with their spending as the aftermath of Brexit unfolds, takeaways will still fare well.
Tourist spending in the UK should put a smile on the face of restaurateurs and takeaway owners too. This is also said to have surged in recent weeks, following the depressed value of the pound, with US visitors’ average spending up 22% when compared with like-for-like figures from last July.
Now is certainly the time for the catering industry to thrive. So do you have the tools and technology to help you do just that?
With 30% of table reservations made when restaurants are closed, the absence of a website or app will become increasingly costly. And takeaways reliant solely on solutions like Just Eat may see the orders flood in, but revenue lost in commission fees will fly out just as quickly.
To capitalise on the UK’s spending trends, food businesses therefore need to take control of their customers’ booking, orders, rewards and loyalty, by having their own digital presence.
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