Leisure spending boosted by more confident millennials
Spending in the UK leisure sector was driven by millennials in the fourth quarter of 2016 , with higher confidence among this age group leading to an increased desire to spend on experiences such as eating out , according to Deloitte .
In research published this month , based on a survey of 3,000 UK adults , the proportion of those aged 18-34 years old who reported spending more on eating out and drinking in bars , cafés and restaurants than they did in the previous quarter rose by three percentage points , from -8 to -5 .
The boost in leisure spending has been largely driven by millennials ’ growing confidence about disposable income , debt and job security . Deloitte ’ s Consumer Tracker found that confidence amongst 18-34-year-olds is now at a six-year high .
By comparison , older consumers are spending less on eating and drinking out , falling by one percentage point for those aged 35-54 ( -10 to -11 ), and by two percentage points for those aged 55 or over ( -9 to -11 ).
Simon Oaten , partner for hospitality and leisure at Deloitte , comments : “ The leisure sector fared well throughout 2016 and ended strongly in the final months . It is reassuring to see that younger consumers have not been put off by political uncertainties , and have continued to spend their money on leisure activities , such as dining out .”