The economy needs consumers to keep spending
While the heatwave hit the headlines last week, news that inflation has hit a 40 year high of 9.4% also dominated. The cost-of-living crisis has tightened its grip and the hospitality industry is seeing the impact through a softening in demand. This article in Big Hospitality makes a strong point though – growth is a major driver of economic recovery and people need to spend.
So many people are feeling the strain of rising living and fuel costs and are tightening their belts accordingly, but the hospitality industry relies upon customers spending money to help keep people in employment. Socialising with others in our local pubs and restaurants is also good for mental health, people need the interaction, but the Government needs to step up its efforts and support people, otherwise spend will decrease further and the industry will feel the effects even more.
https://www.bighospitality.co.uk/Article/2022/07/20/Inflation-hits-40-year-high-of-9.4
