Fewer eat out, as nation tightens its belt

Posted on News Aug 2008 - by Tandoori Magazine
Fewer eat out, as nation tightens its belt

Hotels, bars and restaurants, saw an even worse quarter than they had feared, with the volume and value of business falling at rates not seen since the end of 2001.

Sentiment deteriorated across the services sector as profitability fell at a record rate for consumer-facing companies, the latest CBI Services Sector survey shows.

Eating out and the occasional after work pint have become luxuries for many consumers as higher bills force them to rein in discretionary spending.

With profitability of hospitality firms declining, the number of people employed in the sector have fallen for two quarters in a row. 

Ian McCafferty, the CBI’s chief economic adviser said, "Services sector firms are concerned about their business prospects. Consumers are reining in spending on leisure, entertainment and eating out."

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