SpendTrends2023 is good news for hotels and restaurants

AMID GLUM NEWS about economic growth, inflation and Eskom is a ray of hope for the hospitality and foodservice sector, with the SpendTrends2023 report showing that the top spending categories where spend has returned to 2019 levels, are Groceries, Eating Out & Takeaways; and Travel.

However, the rising cost of travel and reduction in flight capacity is serious cause for concern, affecting both the domestic and foreign travel markets.

And while affluent consumers are being clobbered with an official food inflation rate of 12%, lower-end consumers are facing a 50% food inflation rate.

The SpendTrend 2023 report, by Discovery Bank and Visa, examines trends in consumer behaviour and spending habits from 2019 to 2022.

Other key spending trends include:

1. Sustained move to electronic payments
2. The recovery and rise of travel and domestic travel
3. More eating out AND more takeaway
4. Less driving, more convenience
5. Continued growth in contactless services and payments

The full report is available to download at SpendTrends2023