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Wed 23rd Mar 2016 - Greene King Leisure Tracker – greater economic uncertainty and wet weather dampens February spend
Greene King Leisure Tracker – greater economic uncertainty and wet weather dampens leisure spend in February: Greater economic uncertainty and the wet weather is behind the drop in leisure spend in February, according to the latest Greene King Leisure Spend Tracker. Total leisure spend in London and the south east was down 9% equating to a £20 fall in spend by the average household, compared with the same period last year. Greater economic uncertainty in the UK and abroad is likely to be a driver of this increased caution. The total leisure spend for those outside London and the south east fell by £12 – £8 less than those in London and the south east. In February, the average British household spent £181 on out-of-home leisure, a 2% decline in spending compared with January, but a 7% fall year-on-year. Eating out fell 4% or £3 year-on-year and by £2 (3%) month-on-month, while drinking out fell £3 or 7% year-on-year but stayed broadly the same month-on-month. Other leisure spend, which includes theatre, cinema and sporting events, as well as museum, casino and bowling trips, was responsible for the majority of the fall with £8 (11%) year-on-year and £5 (7%) month-on-month. Households in London and the south east reduced other leisure spend by £10, or 12%, and households with children reduced their spending by as much as £15, or 15%, year-on-year. The wet weather throughout the month, including during half term, appears to have dampened enthusiasm for wider leisure events. However, despite a lack of confidence in the economic outlook, particularly among those in the capital, further data from the tracker indicates the UK’s younger population remains optimistic about its financial future. Over 68% of 25 to 34-year-olds said their household financial situation is the same or better than it was five years ago. Over three quarters of the same age group felt their household’s overall financial situation is likely to be the same or better in a year’s time. Greene King group marketing director Fiona Gunn said: “There is uncertainty on the economic outlook, and this could be trickling through to consumer spending. However, we’re happy to see that young Brits are remaining optimistic and hope that their positivity is carried through into wider sections of the population over the coming months.”

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