One in three younger people have said they are cutting back on nights out due to the Cost of Living Crisis.
According to a recent survey conducted by Rekom UK, respondents are going on fewer nights out so that they can make sure that they can afford to pay their rent.
Compared to last year, a third of respondents said they are not going out as much as they did due to the financial rise in energy bills.
For people ages between 25 and 34, a fifth found their major concern around spending money on a night out was the increased price of renting.
Just over 5% of people claim they would not be adjusting their budgets in light of the cost of living crisis.
“The challenging economic situation is continuing to make a significant impact on young people,” says Rekom’s Night Index chairman Peter Marks.
“They are going out less and choosing more cost-effective ways of socialising 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.”
This survey also revealed that those in full-time work are going out more often than students with students out an average of 1.8 times a week compared with 2.2 nights out for employees.
Marks continues in his statement: “This generation of students have had their studies disrupted by Covid 19, so a return to normality should be what they were looking forward to. To then face a cost-of-living crisis and huge inflationary pressures when it’s ‘their time’ as young adults, is a real kick in the teeth. For those of us who were students once, we know that socialising and meeting new people is a really important part of going to university.
He concludes: “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 behaviours.”
For help in this cost of living crisis, check out our list of help and resources here.
Becky Buckle is Mixmag's Multimedia Editor, follow her on Twitter