Restaurant and pub spending growth was 7.2% and 7.7% in March respectively, down from 9.7% and 10% in February, and outperforming wider consumer spending growth of 2%, new research from Barclaycard shows.
Amid heavy snow, dining in at restaurants grew by 5.5% while ordering online grew by 27.5%.
Wider consumer spending slowed down from 3.8% in February, with in-store spending contracting by 1.9%, as consumers did their shopping online.
Despite March’s slowdown, overall spending in Q1 2018 was fairly stable, decreasing slightly to 3.1% from 3.2% in Q4 2017 – though 45% said the weather had led them rein in on leisure and experience spending.
Meanwhile 64% of consumers were confident in their household finances, though 33% said they were less confident in their ability to save money.
Separately, the British Retail Consortium (BRC) said total retail sales values were up 2.3% in March compared with the same month a year ago, following a 1.6% year on year increase in February.
Paul Lockstone, managing director at Barclaycard, said: “The ‘Beast from the East’ took its toll on the high street in March, keeping shoppers at home and leading to a slowdown in consumer spending. Despite the dip in growth last month, however, expenditure was broadly stable in the first quarter.
“It seems consumers have become accustomed to adjusting their budget and as a result, are more confident in their own finances. While there are bright spots, however, it’s important to note that a sense of caution still remains, with many of us hesitant to change our spending patterns no matter what the next few months may bring.”
