Two-thirds of Britons have disclosed that they would spend less on restaurants in the recession and 59% said that they planned to cut back on drinking at the pub.
The latest research from Mintel has found that fear of the recession is driving consumer behaviour rather than an actual change in circumstances, with 30% of people admitting that they have cut back on spending due to worries over their personal financial situation.
The study showed that while the economic climate was forcing consumers to make some eating out cut backs, the fast food market was unlikely to suffer, with more than half of all adults having dined in a pub or bar in the last three months, contributing to sales of £7.6bn.
Evenings out were found to be one of the first areas to be impacted by people tightening their purse strings, with expenditure on nights out down by 8% in 2008, compared to a growth rate of 12% in the last decade.
The report revealed that while Britons were spending less on pubs and restaurants, only a quarter said that they would cut back on drinking at home.
Less than half of the adults questioned said that they had been personally affected by the downturn, although 71% said that they had reduced their spending as a result of the current economic situation.
James McCoy, head of consumer research at Mintel, said: "Fear alone can cause major spending adjustments. A significant three in ten adults have cut back on their spending not because they have to, but mainly through fear of how the recession might affect them.
“These adults haven't been personally affected by the recession, although they may know someone who has. The challenge for manufacturers and retailers is to overcome this fear and make consumers feel safe about spending again.
“|It’s important to remember that a lot of consumers are cutting back not because they have to, but because it's seen as the right thing to do. Nobody wants to be seen as being too flash in a troubled economy.
"Many consumers are unsure when the green shoots of recovery will come, and without this confidence, they are unlikely to start making long-term plans again.”
