Cost of living reduces late night occasions

Over three quarters (77.3%) of consumers say that the cost-of-living crisis has cut down the number of times they go on a late night out. 

The latest version of the REKOM Night Index, the report for the late-night leisure industry led by the nightclub operator, gives a glimpse of people’s attitudes towards spending money on a night out in the current economic climate.

The poll has revealed lower consumer confidence levels for the sector, as a total night out spend increased once again, this time by 2% to £74.91 (October 2022: £73.36).

Students and those aged 18 to 24 have adopted a more budget conscious mindset when it comes to their social habits; over the past three months, REKOM has seen a 38.6% increase in students saying they have a fixed budget for going on a late night out, which they don’t exceed.

When asked in what ways socialising budgets are being cut, the most popular response among all respondents was to pre-drink at home more (35.1%). This was followed by cutting down on spending in advance of a night out (32%), which has increased by 6% since last the survey in October 2022.

"It is completely natural - and expected - that people are changing their spending habits as a result of the cost-of-living crisis," says Peter Marks, chairman of REKOM UK. "Inflationary pressures are currently impacting every sector, so these survey results come as no surprise. However, it’s also worth noting that no matter what the economic outlook is, people will always prioritise good value and will make changes in their everyday lives to accommodate that.

"The hospitality and late-night leisure industry should remember that a good night out is just as relevant as it always has been, and if you can consistently provide a value offer, a good atmosphere, and quality experience, businesses will remain resilient."

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