A recent survey commissioned by Rekom, the UK’s leading late-night operator, has revealed that more than one-third of young people in the UK have cut back on how often they go out for a night due to the ongoing cost-of-living crisis.
The Night Index survey involved 2,007 respondents aged 18 and over, examining changes in their nightlife behaviors since autumn 2022. The findings indicate that compared to the previous year, 34.9% of respondents are going out less frequently, with high rent costs being a significant concern for 21.19% of individuals aged 25 to 34.
The rising cost of bills (43%) and the need to save any extra disposable income (33%) were also cited as reasons for reducing nights out. Those in full-time employment reported going out an average of 1.8 times a week, compared to 2.2 nights out for employees.
Pricing remains a crucial factor for young people when deciding whether to go out or not, with this consideration increasing by 6% since the last Rekom Night Index in March 2023. Cheap or free club entry was important for 27.8% of respondents, while 27% considered good-value drinks as a priority.
Peter Marks, chairman of Rekom UK, commented on the survey, stating, “Our Night Index continues to show that due to the challenging economic situation, young people are going out less and choosing more cost-effective ways of socializing as they look to save any spare cash they can for more pressing financial priorities such as rent or general living bills. This will have a knock-on effect for the whole of the night-time economy.”
He added, “We should take this survey as a warning to sit up and take note of what’s going on – we hope that these findings highlight to all those trading in the industry the importance of remaining flexible in responding to changes in consumer behaviors.”
The changing spending habits and increasing operational costs have had a significant impact on the late-night and clubbing industries in the UK. According to the Night Time Industries Association, the UK lost 31% of nightclubs between June 2020 and June 2023, with independent nightclubs being the most affected, witnessing a 35% closure rate since 2020.
Russell Quelch, executive director of Rekom UK, emphasized the need for the late-night sector to adapt and evolve in response to changing consumer behaviors. He stated, “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.”
Written by: Artificial Intelligence Technology