Consumers are planning to cut back on eating out and drinking, according to a new report that tracks their spending intentions across a range of sectors including restaurants and wines and spirits.
The Hopes and Fear study by market research agency Opinium Research found:
- Three in five people plan to go out for less meals in 2011
- One third plan to cut down on the number of times they go out drinking
- 18-34 year olds most likely to cut back by bringing pack lunches to work
With consumer spending under threat from rising unemployment, higher than expected inflation, and household budgets being reduced across the board, cutting back in thid area is often seen as an excellent way to save money, says researchers.
The study also found:
- Nearly one third (30%) of people plan to use money-off restaurant vouchers to save money
- Females are more likely to reduce spending on going out for a meal (61% vs. 55%), while males are more likely to reduce how often they go out drinking (29% vs. 27%)
- 18-34 year olds (36%) are most likely to reduce spending by making a packed lunch for work
According to Opinium, the Hopes and Fears Report provides an understanding into how consumers are likely to behave to allow businesses to plan accordingly and stay ahead of the competition.
James Endersby, managing director of Opinium Research, said: “Our research has shown during these tough economic times the priorities of UK consumers are constantly shifting and this is seriously changing the way that companies need to communicate with their different customer segments.
“Our research provides a brief insight into the spending habits of a nation that is watching what they spend and in certain circumstance won’t compromise on luxuries. It’s important decision makers understand how this dynamic has changed and where applicable, apply this to their communications strategy.”