Rising cost of living continues to deter people from dining out, says NIQ data

The rising cost of living is continuing to deter people from dining out, according to new data.
By Greg Wright
Published 22nd Aug 2023, 09:16 BST

The data released by NIQ concluded that there has been a decline in supermarket volumes over recent weeks, which is likely to have been at least partly due to the bad weather.

The trend for bargain hunting also continues with 62 per cent of consumers shopping at discounters in the last four weeks, according to NIQ.

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Mike Watkins, NIQ’s UK Head of Retailer and Business Insight, said: “Recent weeks have seen a decline in supermarket volumes, likely influenced by factors such as summer holidays and unpredictable weather.

Mike Watkins, NIQ’s UK Head of Retailer and Business Insight, said: “Recent weeks have seen a decline in supermarket volumes, likely influenced by factors such as summer holidays and unpredictable weather." (Photo by Dominic Lipinski/PA Wire)Mike Watkins, NIQ’s UK Head of Retailer and Business Insight, said: “Recent weeks have seen a decline in supermarket volumes, likely influenced by factors such as summer holidays and unpredictable weather." (Photo by Dominic Lipinski/PA Wire)
Mike Watkins, NIQ’s UK Head of Retailer and Business Insight, said: “Recent weeks have seen a decline in supermarket volumes, likely influenced by factors such as summer holidays and unpredictable weather." (Photo by Dominic Lipinski/PA Wire)

"The rising cost of living also continues to deter people from dining out, with 53 per cent of consumers attributing this decision to increased prices for eating and drinking out .

"The inclement weather has similarly affected non-food retail, as indicated by the recent BRC KPMG retail sales monitor. It’s evident that encouraging consumer spending has become an industry challenge, extending beyond just grocery shopping.

“Despite lower inflation, most consumers remain pessimistic about their financial situation in the coming three months, with 60 per cent anticipating that they will be severely or moderately impacted by rising living costs. With the added concerns of increasing mortgage and rental expenses for many households, it appears that a shift in sentiment may be some time off and as a result, while total till growth will continue to decelerate as inflation eases, it will still be difficult for retailers and manufacturers to drive volume growths”.