TGI FRIDAY's owner
In a trading update for the 20 weeks ended 22 May, the hospitality chain said it had been impacted by "a more challenging consumer environment".
Consumer confidence had "significantly" weakened since
Pressure on consumers meant the company was "taking a more prudent view" on trading for the rest of the year.
Like-for-like dine-in volumes are anticipated to reduce by as much as eight per cent for the rest of the 2022 financial year, as compared to 2019.
However, the company said "appropriate pricing adjustments, in line with broader sector announcements," would mitigate "approximately half" of the impact of the expected lower volumes.
"[Diners] are definitely spending well and spending more but we are seeing volume subduing midweek,"
The company's core base of consumers were likely to be trying to protect savings for "the summer holiday they haven't had in three years," while also seeing other costs rise, Cook added.
Inflation currently sits at a forty-year high, hitting discretionary spend.
(c) 2022 City A.M., source