Britain's hospitality sector records 2.7% YoY sales growth in November
Total sales growth, including new venues opened during the last 12 months, stood at 4.7%.
Britain’s leading hospitality groups recorded year-on-year (YoY) sales growth of 2.7% in November, according to CGA RSM Hospitality Business Tracker.
The like-for-like figure slightly exceeds Britain's inflation rate, as measured by the Consumer Price Index, marking the first real growth since June.
The report noted that it provides cautious optimism that consumers are prepared to increase their spending in restaurants, pubs, and bars over the Christmas and New Year period.
In addition, the tracker showed that total sales growth, including new venues opened during the last 12 months, stood at 4.7% in November.
Managed restaurants performed best in the main hospitality segments, with a like-for-like growth of 3.6%.
Moreover, trading in London was slightly ahead of the rest of the country for the first time since July.
Managed groups’ November sales inside the M25 were up by 3% YoY, whilst venues beyond the M25 achieved 2.5% growth.
“November’s results represent a welcome rebound in spending after consumer confidence took a hit in the run up to October’s Autumn Budget, with like-for-like growth the highest since June and above the average for the 2024 year,” said Saxon Moseley, head of leisure and hospitality at RSM UK.
“With the vital Christmas and New Year trading period looming, groups will now be keeping everything crossed for favourable weather and strong consumer confidence so they can end 2024 on a high,” said Karl Chessell, director of hospitality operators and food, EMEA at CGA by NIQ.
