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The cost of living and the impacts of late nights out

New research suggests that the cost-of-living crisis is affecting people’s spending habits on a night out. The latest Rekom Night Index reveals that 77.3% of Brits have reduced the number of late-night outings due to the crisis. To cut their socialising budgets, 35.1% of respondents said they pre-drink at home more often, while 32% said they spend less money in advance of a night out. Interestingly, in February 2023, going out to relieve day-to-day pressures and stress, and to share the experience on social media were higher priorities than they were three months ago.

The survey also shows that consumers’ going out patterns are changing, indicating a possible long-term behavioural shift. The average night out is getting longer, with the average duration increasing from four hours 17 minutes in March 2022 to four hours 51 minutes in February 2023. The most popular day for a night out is Saturday, with 66.8% going out on this day, followed by Friday (64.2%) and Thursday (17.9%).

Despite these changes, the most common reasons for going out have remained the same as the previous year, with time with friends being the top reason cited by 58.9% of respondents, followed by celebrating an event/occasion (29.8%), dancing/exercising (26.1%), enjoying shared experiences (25.4%), and meeting new people (24.7%).

Businesses in the hospitality and late-night leisure industry should take note of these changes and remain adaptable and responsive to their customers’ needs. Providing a value offer, a good atmosphere, and a quality experience will remain essential for businesses to remain resilient.