More people are treating themselves to fine dining in London’s upmarket restaurants despite the gloomy economic times, according to a report.
Spending on fine dining increased by eight per cent in the first half of 2011 compared to last year, American Express’ poll found. Londoners have increased their spending at upmarket restaurants by some eight per cent, while tourists have spent 10 per cent more then they did during the same period last year.
The increase in spending at top restaurants in the capital has been led by men, who have increased their outlay on fine dining by 10 per cent in the first half of this year. Spending by women during the same period has remained largely unchanged, the survey found.
Business customers have also increased the amount they are spending in London’s best restaurants, putting seven per cent more through the tills of the capital’s top eateries in the first half of the year.
The survey found people are spending more each time they visit restaurants in the capital, as well as visiting more frequently. Customers spent 6.5 per cent more per visit in the first half of 2011, although this is partially down to rising food costs in the capital.
Younger generations are spending more on fine dining than at the same point last year. Spending in London’s top restaurants by 18 to 29-year-olds has gone up by 17 per cent, the largest increase of all age groups, while 30 to 45-year-olds upped their outlay on fine dining by 11 per cent.
However, spending among 46 to 66-year-olds dropped by seven per cent, while those over the age of 66 spent roughly the same amount on fine dining as last year.
American Express Business Insights Europe and Asia vice-president Sujata Bhatia said: “London’s foodies aren’t being deterred by the gloomy economic outlook and are still venturing out for a meal at one of the city’s top restaurants.”
Bhatia added: “With so many great restaurants, London is undoubtedly one of the world’s most exciting gastronomic locations and visitors and locals are making the most of the dining experiences on offer.
“There’s no doubt that Generation Y (18 to 29-year-olds) are showing an appetite for the finer things in life, with their spending on fine dining increasing by 17 percent. Similarly, we’ve seen Generation Y become a growing force in luxury spending on fashion and travel.”
https://businessinsights.americanexpress.com/ (American Express Business Insights)