The impact of Brexit on the UK eating out market
According to the MCA’s first consumer research survey since the EU referendum, there is a net balance of consumers expected to reduce eating out frequency and average spend as a result of Brexit. The UK eating out market is currently worth £87bn, comprising of 331,384 outlets. The MCA predicts that the market will continue to increase turnover in 2016 but the estimated growth of 2.3% is slower than last year at 2.5% and has been downgraded from the previous forecast of 2.8%.
A poll of 1,000 respondents in the days following the Brexit vote found a shift in attitudes across the generations. Almost half of 18-34 year olds (millennials) say that they’re more cautious with their money post-Brexit, the figure falls to a third for over-55s. Similarly 40% of over-55s say Brexit will have no impact at all, while only 21% of millennials agree with that statement.
Full article via the MCA.