How the Cost of Living Crisis continues to affect us

How the Cost of Living Crisis continues to affect us

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The cost of living crisis is still prevalent in our lives. On the 22nd of June last year, we conducted a survey to see how this was affecting our spending habits, we recently conducted a similar survey in January to see if anything had changed. Interestingly, it seems while the cost of living crisis hasn’t changed, our attitude to what we spend our money on has.

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Our Spending Priorities

The first thing of note is what we would all stop spending money on if it came down to it, in order to save money. We asked you “If your budget was challenged, what is the first thing you would stop spending on - and then, what is the second, third and so on?” When we asked this in June, the first thing you’d cut from spending was deliveries and takeaways, and while this still remains the same, having meals out has moved from the third to the fourth thing you'd cut. This is exciting from the perspective of the hospitality industry, as it means they’re managing to cater to our needs better, and perhaps providing us with a more valuable experience. Holidays within the UK is still the last to go, which further supports the hospitality industry in the UK at least being a valuable enough experience for us to stay invested in it.

A Change in Loyalties

Another question with interesting results was “When it comes to going out to a hospitality venue - would you rather go to a cheaper place more often, or would you save up and treat yourself to a more expensive experience?” Last time we conducted this survey, 72% of people said that they would rather dine out less frequently but to your usual places – now, however, less than half of you hold that sentiment - 57% of you have said you would prefer to eat somewhere cheaper, but more frequently. This could be down to the continued strain of the cost of living crisis driving us to find cheaper places to eat out in order to keep having those experiences.

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Valuing Hospitality

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The above points are further supported by looking at what draws you to a hospitality venue – value for money was the first thing you all looked for by a landslide, followed by homeliness & comfort, and then familiarity. It seems we’re caring less about the presentation and aesthetic nature of eating it, and more about the experience. With most of you voting the service at your most recent dines out a little over 7/10, it goes to show that we’re happy when our money is being spent on something that not only satisfies our tastebuds, but leaves us feeling looked after.

As challenges keep emerging, and the hospitality industry continues to adapt, it will be interesting to see how our spending habits evolve. From the food-loving perspective of our mystery guests, it seems that the industry is taking steps in the right direction to accommodate what we’re looking for, and hopefully, things will continue this way.

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