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The UK restaurant industry has seen a shift in consumer spending and for the better.
From fast-food to sit down restaurants, a survey tracking spending on cards shows we are spending more than ever on restaurant food.
Consumer spending across the board has remained relatively firm since the UK voted to leave the EU. But the amount spent on dining is rising faster than other categories.
From July-to-September period, there was a huge jump in amounts spent at all kinds of food outlets, according to Cardlytics, which collects data about consumer spending.
Cardlytics found spending in “quick service” restaurants leapt by 34.1% in the past year and restaurants (non fast-food) saw an 11.9% increase.
Companies such as Just Eat, Deliveroo and Hello Fresh demonstrated the strongest performance in dining as a whole.
Specific brands that performed particularly well included Five Guys, Harry Ramadans and Wasabi.
Possible Reasons for The Rise in Spending
- Warmer weather in September
- Aggressive price war between supermarkets pushing food prices down, thus increasing disposable income
- Popularity and ease of paying via contactless
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Source: BBC News, 1st November 2016, http://www.bbc.co.uk/news/business-37835187. Retrieved: 11th January 2017.
