Consumers are increasingly leaning towards ‘days out’ over nights out, with hospitality venues seeing an increase of £134m in spend during the afternoon compared to night time, according to Q1 2024 data from payment technology provider Dojo.
The transaction data found the cost of living crisis has begun to show signs of easing, leading to a surge in spend on afternoon activities and ‘days out’. Spending at tourist attractions and exhibitions grew almost 40% in Q1 year-on-year.
Other key trends include a 38% uptick in spend on competitive socialising venues.
Cost of living remains top of mind for 90% of UK adults, but customers continue to prioritise experiences and value for money, as consumer confidence stabilises – albeit is yet to reach pre-pandemic levels.
Jon Knott, head of customer insight at Dojo, said: “The growth of the afternoon trade, competitive socialising and retail store openings is encouraging to see, as it indicates that consumers are exploring more avenues on how to make memorable experiences, bringing more businesses into the experience economy.
“While consumers are more positive about their disposable income and are now spending more, spending patterns are changing. Pubs, bars and clubs have faced huge pressure in recent months, for example, evident through our transaction data that saw the sector grow only 6% in Q1. As other areas of the experience economy grow, businesses need to be in tune to changing consumer spending habits and adapt to their evolving preferences so as not to miss out.
“In order to benefit from this trend, and as consumers typically spend more in the summer, businesses should be prepared to put more events on during the afternoon instead of the evening, and ensure they are fully staffed in the daytime.
