New data has revealed that the much-praised Eat Out to Help Out scheme has seen spending increase significantly.
According to figures produced by Lloyds Bank Spending Power report, the Eat Out to Help Out Scheme significantly contributed to a 4% year on year growth for non-essential spending, while total expenditure was up 5% on August 2019.
The 4% increase in non-essential spend is the first increase seen since February 2020 and has not been reached since the heatwave in July of last year, which caused the public to spend more than usual.
Lloyd’s report also highlights that by far, the biggest increase in spending came from the 18-24 age-range, dishing out 17% more in August year on year. In stark comparison, over 65s spent 8% less than a year ago, an apparent demonstration of the cautious approach older people have taken.
Despite the pandemic causing many to rely on online shopping, figures from the report show that retail spending was nearly back to pre COVID levels (-1% y-o-y), with clothing and jewellery retailers actually taking 5 & 10% more spend than in August 2019.
Commenting on the results, Gabby Collins, Head of Payments at Lloyds Bank, said: “The Eat Out to Help Out scheme not only had a positive impact on restaurants and pubs in August and into September, but we’ve seen a real boost in high-street spending, which is now almost back up to pre lockdown levels.
“Summer has helped boost people’s confidence in getting back to pubs, restaurants and the high-street, but it may be harder to sustain these levels throughout Autumn.”
Later today the Prime Minister looks set to announce new restrictions that could cause these numbers to change drastically in the coming months.