Spending on subscription services, DIY and dating in the UK is falling year-on-year as customers are forced to spend more on essentials such as utility bills, research from Nationwide has found.
Dating transactions dropped by a third in February compared to 2022, despite couples celebrating Valentine’s Day, said the building society.
Mitchells & Butlers owned Miller and Carter is often a popular restaurant for date night, but Nationwide found a drop of 7% in the value of spending by couples during the month of love.
It may mean that consumers are switching the steak house for cheaper alternatives.
Sales growth in the restaurant sector for February grew by 1.9% annually but remained behind pubs which saw a 6.9% rise, CGA research identified.
UK residents are also cutting back on subscriptions like Netflix by 6% yearly whilst the value spent on such services dropped by 3%, the UK bank added.
Netflix began offering a cheaper ad-supported plan last year.
Household spending on home improvements dropped by 4% in volume and 3% in value, the research by Nationwide showed.
The housing market, which is currently experiencing a slowdown due to rising interest rates, is likely having a negative impact on the DIY market.
B&Q owner Kingfisher was downgraded to a ‘sell’ by UBS on Tuesday after its full-year profits slipped.
Investors clearly remain apprehensive, as the firm is the fifth most shorted London stock, with a net short position of close to 5%.
While spending in these areas fell, outflows for utility bills rose by 34% in February compared to the year prior.
Mortgage payments were up 17%, rent grew by 11% and loan and insurance spending rose by 8% and 7% respectively.