With customers prioritising things to do as the cost of living continues to strangle wallets, payment company Dojo said it expects flatline spending on the high street but hospitality sites could see a rise in the number of transactions even though spend levels will remain consistent.
Hospitality venues across the UK saw average transaction values flatline, at around £20 per head, during the Easter bank holiday last year, when compared to spending across the whole of April 2022, according to Dojo’s research.
Sales number rose last year
However, the total number of daily transactions per location rose 23% during Easter last year – averaging 75 per day over the long weekend – up from around 61 payments per day throughout the rest of the month.
High street retailers also recorded consistent numbers of transactions, as well as transaction values, between Easter and the whole of April 2022. Easter weekend transactions averaged around £29 each, compared with £31 across the whole of the month. The number of daily transactions per location also remained consistent, at around 16 transactions per day, throughout both time periods.
Dojo head of customer insight Jon Knott said: “With the cost of living remaining high and economic growth fairly stagnant in recent months, we’re expecting consumers to display a level of caution when it comes to Easter spending.”
Treats with sunshine forecast
He continued: “That said, our data suggests we will see increased numbers of diners treating themselves over the long weekend, especially with the sunshine forecast.
“Over half of consumers now prioritise spending on experiences as opposed to things, and with competition rife, the challenge for merchants this Easter will be about delivery.
“Those that can provide meaningful experiences, personalised to the consumer and aligned with their heightened expectations will win the race.”