Confidence is rising slightly among hospitality owners, new data suggest, despite inflation slowing at a ‘glacial’ pace and economic pressures in the offing, which could potentially leave the sector with a ‘billion-pound bill’.
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Jo Gilbert reports on the results of Harpers’ latest survey, where we asked independent retailers to let us know which cost pressures are affecting them most – with inflation and duty unsurprisingly leading the charge.
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Economic depression tends to lead consumers to splash out on little luxuries. This is the idea behind the ‘lipstick effect’, coined by Estée Lauder’s Leonard Lauder to describe the rocketing rise of lipsticks in 2008, post the 9/11 attacks in New York and while global markets teetered on the brink of financial meltdown. By extension – and with the cost of living and wage stagnation pushing prices higher – alcohol still seems to fall within a comparatively ‘affordable luxury’ bracket.
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Inflation in hospitality rose again in June to 22.6% YOY, just shy of the record high of 22.9% in December 2022, as measured by CGA.
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In April 2023, in what was described as an “industry first”, The Wine Society announced it would prevent price increases despite the effects of high inflation and rising duty costs.
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New data has highlighted the effect of rising cost of borrowing on spending in the hospitality sector, as consumers’ real income falls.
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The Bank of England’s decision to increase the base rate to 5% is a stab in the eye to under pressure businesses and struggling consumers. It would be hard enough to swallow if it were the right medicine for the illness. When it is based on a misdiagnosis it is unacceptable.
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Britain’s leading managed restaurant, pub and bar groups achieved an eighth consecutive month of year-on-year sales growth in May 2023, the latest Coffer CGA Business Tracker shows.
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Britain’s leading managed restaurant, pub and bar groups achieved like-for-like and YOY sales growth of 6.9% in April 2023, the latest Coffer CGA Business Tracker reveals.
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As financial challenges sweep the trade, one importer voices the fears of many that late payment by accounts is becoming ingrained
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Jo Gilbert analyses recent OIV data, which shows the impact of galloping inflation on global wine exports.
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A majority of Britons believe companies are using inflation to mask price gouging. But despite price rises, loyalty to alcohol brands remains high, according to new findings by consumer research platform Attest.
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The global value of wine exports reached a record high in 2022, pushed ever upwards by runaway inflation and global supply chain issues.
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Industry leaders are calling on Ofgem to force energy suppliers to renegotiate contracts signed with hospitality businesses at the height of the supply crisis, as price inflation continues to rise – and attract criticism – at the biggest FMCG firms, including Tesco.
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UK industry has been left reeling once again following another inflation spike and subsequent interest rates hike, as the ever-increasing price of food and drink continues to stretch the nation’s purse strings as well as the cost of its collective shopping basket.
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Industry heads are warning that wine drinkers could face rocketing prices if the chancellor goes ahead with a double-pronged tax hike, likely to be announced at tomorrow’s Spring Budget.
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With inflationary pressures bearing down and the cost of living crisis biting, Harpers invited indies to respond to our Dealing with Price Inflation survey, to build a picture of how merchants are coping and what increases are being introduced. Andrew Catchpole rounds up the feedback.
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Premiumisation continues as consumers lean into little luxuries. However, the economic doldrums and rising inflation are also fanning the flames of moderation trends, writes Jo Gilbert.
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The UK hospitality trade rode a wave of World Cup fever in November, when sales were above a still somewhat Covid-dampened environment at the end of 2021. However, with inflation biting hard and more disruption on the way over Christmas 2023, operators could be set for a challenging end-of-year run.
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In today’s Autumn Statement (17 November 2022), Chancellor Jeremy Hunt made a few announcements regarding business taxes, but there was no mention of alcohol duty, much to the frustration of the drinks trade.
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