Thu 14th Mar 2024 - Hospitality groups deliver 1.4% like-for-like growth in February as spending pressures continue Hospitality groups deliver 1.4% like-for-like growth in February as spending pressures continue: Britain’s top hospitality groups achieved modest like-for-like sales growth of 1.4% in February, the latest CGA RSM Hospitality Business Tracker reveals. It continues a slow start to 2024 for the sector after marginal growth of 0.1% in January in the wake of strong trading over Christmas. Patchy consumer confidence amid still-rising costs and economic and political uncertainty means many people remain cautious with their spending. The tracker, produced by CGA by NIQ in partnership with RSM UK, shows restaurants were hospitality’s best performing segment in February with like-for-like growth of 2.2%, while pubs were only fractionally behind at 2.1%. However, bars suffered a 7.4% dip in sales, reflecting a squeeze on consumers’ late-night spending and a move towards earlier eating and drinking out. The on-the-go segment was 0.5% behind in February 2023. Restaurant, pub, bar and on-the-go operators performed slightly better in London than elsewhere in Britain. Groups’ February sales within the M25 were 1.9% ahead of last year, compared with 1.3% outside it. CGA by NIQ director Karl Chessell said: “Subdued trading in February shows consumers remain watchful with their discretionary spending. With costs still rising for businesses as well as individuals, margins are under pressure and some operators remain fragile. But while the short-term outlook for hospitality is uncertain, underlying demand is good, and as inflation and interest rates hopefully ease and the Budget’s reduction in national insurance contributions kicks in, we can be cautiously optimistic that people will start to loosen their spending over the spring and summer.” CGA by NIQ collected sales figures directly from 103 leading managed groups for  February’s edition of the CGA RSM Hospitality Business Tracker, which provides authoritative monthly insights into Britain’s restaurant, pub and bar sales.