The extended Platinum Jubilee weekend saw spending in hospitality venues soar with restaurants seeing a 41.5% uplift compared to the same period last year, according to data from Barclaycard.

Pubs, bars and nightclubs saw a collective surge in spending of 74.2% over the four-day Bank Holiday weekend as consumers came together to celebrate the Queen's 70 years and enjoy the sunny weather.

However, while transaction volumes rose over the weekend, Barclaycard warned that rising living costs are forcing consumers to cut back on their spending, reporting an overall decline in consumer card spending on eating and drinking out in May 2022 compared to April 2022 with a 5.9% decline in restaurants and a 1.2% decline in bars, pubs and clubs.

Despite this, there are some encouraging signs, particularly in the travel industry, as consumers continue to book holidays abroad as we approach the summer holidays.