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Catering Market - Market Review 2009
Key Note Publications Ltd, March 2010, Pages: 232
In 2008, the UK catering market increased in value by 3.8% to reach £33.84bn at current retail selling prices (rsp). The catering industry includes the following markets: restaurants; fast food and takeaways; contract catering and foodservice management; hotels; public houses; licensed clubs; and holiday camps/villages and caravan/camping sites. The fastest-growing market in 2008 was that of fast food and takeaways and, despite the recession, all of the markets achieved some growth during the year.
Some sectors of the catering market are currently facing some of the most difficult trading conditions they have encountered for many years. Within the pub-restaurant sector, for example, the credit crunch has affected consumer confidence and heavy discounting in the off-licence trade has encouraged consumers to stay at home. It is feared that the environment will become even more challenging in 2009, owing to the full impact of rising unemployment, increasing negative housing equity and continued high levels of consumer debt on discretionary spending.
Other sectors of the market may, however, benefit from the economic downturn. For example, the contract caterers and foodservice management companies are hopeful that more companies will now outsource their catering requirements, rather than provide them in-house in order to reduce costs. The fast-food and takeaways sector may also weather the economic recession in the UK better than some other segments of the catering market, owing to its product appeal and value positioning in the market. Confidence is such, in fact, that a number of the leading companies in the fast-food sector have announced that their outlet expansion plans will be maintained in 2009.
Pub closures across Britain were occurring at a rate of around five a day in 2008, up from an average of around 27 per week in 2007. In 2006, pub closures totalled 216, or an average of just four a week. The sharp increases in pub closures in 2007 and 2008 result from a number of factors, including: changing consumer behaviour, falling beer sales, the smoking ban, rising beer and alcohol taxes, cheap off-licence sales and the high costs of operating a public house. The economic downturn is also now having a significant impact on public houses, with visitor numbers being affected even further.
The authors forecast that the UK catering market as a whole will show some modest level of growth in 2009; while some sectors of the market may experience a contraction in value, others are projected to maintain a higher level of growth. Current economic forecasts project that gross domestic product (GDP) growth will be resumed in 2010 and, in line with this expectation, demand for catering services is expected to rise, with retail sales moving upwards accordingly.
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