10 August 2017
According to new figures from Visa’s Consumer Index, hotels and restaurants have seen an increase in spending despite a drop an overall drop in consumer spend. The figures showed that consumer spending dropped by 0.8% in July, decreasing for a third month. This makes it the first time since February 2013 that spending overall fell for three months in a row.
Despite the decrease in spending, hotel and other hospitality businesses saw an increase of six per cent which is suggested to be down to summer staycations and the weakened pound. The decline in overall spending is suggested to be largely driven by a further fall in face-to-face expenditure which dropped 3.7%.
UK & Ireland managing director at Visa, Kevin Jenkins said “The drop in spending provides further evidence that rising prices and stagnant wage growth are squeezing consumers’ pockets.”
Have you experienced a rise in the amount of guests staying at your property? Get in touch with us on Twitter @qualitytourism to share your stories.