This is according to a new study from merchant services provider, Paymentsense, which revealed that 56% of consumers are planning to cut spending over the coming year.
In a bid to save an expected average of £131 a month (£1,572 in 2019), respondents plan to cut back on hospitality expenditure in these eight areas:
- Eating out - 35%
- Takeaway food - 33%
- Sweets, crisps, cakes, chocolate - 27%
- Going to pubs or bars - 23%
- Buying takeaway coffee - 19%
- Cutting back on meat generally - 16%
- High-end health food - 13%
Paymentsense chief marketing officer, Guy Moreve, commented: “Although it is common for people to make positive plans in the new year, our study reveals that instead of aspirational health or lifestyle goals, many UK consumers are increasingly concerned about ‘keeping up,’ as living costs climb quicker than salaries.
“Many small businesses understand that shoppers are struggling to balance their monthly budgets at this time of year, and have been adapting with special offers, loyalty schemes and more advanced point of sale techniques.
“Another growing trend is ethical consumption. Over 2018 we saw increased awareness and attention to environmentally friendly lifestyle habits such as veganism and sustainable fashion.
“We feel that this year will see continued movement in this area, as more people adopt ethical attitudes.
“Small hospitality businesses should see this as an opportunity to review different aspects of their offering, and their suppliers, to look at what can be improved to tap into this growing consumer sensitivity.”
The survey found Londoners to be the most “saving-savvy”, with 62% planning to spend less, followed by the South East (47%), the North East (47%) and then Wales (32%).
Millennials are also more serious about saving than older generations - 80% of 25-34 year olds want to spend less in 2019 compared to 40% of over 65s.