The cost-of-living crisis continues to impact consumer social lives, according to a new survey commissioned by late-night operator REKOM UK.
Peter Marks, chairman at Rekom UK, which runs Atik and Pryzm nightclubs, said he is “desperately concerned” about how this is mainly affecting current students, who are out socialising less regularly than previous groups.
Since autumn 2022, over a third (34.9%) of respondents to the REKOM Night Index have reduced the amount of times they go on a night out.
Almost half of those said this was as a result of increased general living costs, followed by more expensive bills and the need to save any spare disposable income. Increased rent came out as a main concern for over a fifth of those aged 25-34.
Pricing remains the most critical factor for consumers when deciding whether to go on a night out. However, this has increased by 6% since the last REKOM Night Index in March 2023. Other top priorities included cheap or no entry fee and good value drinks.
The data also revealed that the average total spend on a night out decreased marginally to £74.78 per night, compared with £74.91 in March this year, with customers barely cutting back on their spending once in venues.
Russell Quelch, executive director of Rekom UK, said:
“The late-night sector must adapt and evolve as a result of these changing behaviours.
“There are definitely opportunities out there – it’s all about having the right strategy and proposition at the right time and engaging with the market.
“These factors are even more important during tough economic times where disposable income is lower than ever before.”