Data from the latest consumers spending tracker from Barclaycard also showed just over a third (35%) of the 2,000 respondents surveyed will pay for activities during the weekend with 11% looking to buy food and drink for hosting friends and family.
It also showed 59% of consumers were currently feeling slightly less confident in their household finances and ability to spend on non-essential items (48%) than they did in February (64% and 51% respectively), although confidence has remained steady at 23%.
Last month (March), the Government announced licensing hours for pubs, clubs and bars across the weekend will be extended by two hours.
The extension, from 11pm to 1am, will cover the Friday 5, Saturday 6 and Sunday 7 May 2023, across the bank holiday coronation weekend.
Consumer spending
Elsewhere in the report, consumer spending on utilities increased by 39.3% year on year with 88% of Brits feeling concerned about the impact of rising household bills on their finances.
In response to the Government’s Spring Statement announcement of the Energy Price Guarantee will be extended beyond April, almost six in 10 (59%) of consumers said they were glad about the extension but were still worried about their abilities to afford energy bills after June.
A further 58% were hopeful energy bills will fall this summer but were already concerned about their ability to afford energy bills this autumn and winter.
Moreover, the research stated more than a third (36%) of consumers reported to be cooking more at home instead of eating out while a fifth (21%) said they were avoiding social plans that involve eating out in a bid to save money.
Lacklustre predictions
Barclays director Esme Harwood said: “The below inflation rise in grocery spending shows Brits are still trying their hardest to shave money off their weekly shop, as energy bills continue to rise.
“Cutbacks are also impacting restaurants, with a number of cash-strapped consumers even avoiding social plans that involve meals out.
“Hospitality and leisure businesses will be hoping the busy bank holiday period provides a boost to counteract consumers’ every day cost savings.
“While predictions for the coronation weekend are lacklustre, the results from Mother’s Day are more encouraging, demonstrating Brits are still taking advantage of one-off moments to go out and celebrate.”
Barclays head of European economics research Silvia Ardagna said inflation was remaining stubbornly high, with food and beverage prices up notably in February and driving the sharp acceleration in prices set by restaurants and hotels.
Ardagna added: “In this light, it is not surprising consumers are moderating spending in these categories. But with the decline in energy prices, we also expect a fast deceleration in food prices, which should provide some support to households’ consumption and allow the UK to experience just a mild recession in [the first half of] 2023.”
