Residents and visitors are struggling to pay their bills and enjoy a social life due to the rise of club entries, drinks and food costs.
Hospitality sectors have had to increase prices due to labour, energy bills, produce, and insurance costs all going up.
Jack Dorrington, 20, warehouse team leader, said “It is expensive to go out, I usually spend over £50, mainly on drinks. I’d say Slug & Lettuce is quite expensive, but most places have deals that help. Having drinks in the house also makes going out cheaper.”
Our 2023 survey found that 18–21-year-olds are most likely to go out 1-3 times a month and spend £30-40 on average each time.
Respondents said the University of Lincoln’s Towers as the most expensive bar in the city. Despite being a student friendly venue, it fails to suit their budgets making it lose popularity.
Lincoln club entry prices have risen £2 on average from 2015. Tickets to Union at Home have increased from £4 to £6, and Superbull on Friday’s has changed from £3.50 to £7.
The British Chamber of Commerce (BCC) in their most recent quarterly survey found that “labour costs are the biggest driver of price rises, across most sectors, cited by 66% of all businesses.”
David Bharier, head of research at the BCC, said “Easing inflation and a recovery to business confidence provide brighter spots, but these need to be reinforced with a clear plan from Government on long-term investment and direction from the Bank on the interest rate.”
Shevaun Haviland, director general of the BCC said “Our research shows that business confidence has stabilised at much healthier levels following a rocky end to 2022. But the economic warning lights are still flashing.”
“With manufacturing lagging behind services, and low rates of investment across the board, especially in the hospitality sector, it is clear more needs to be done to spur growth.”
Lincoln has faced recent retail closures including Wilko, Paperchase and Superdry but this hasn’t stopped the city from expanding its hospitality options.
However, the affordability of these businesses may soon be impacted further if inflation rates continue to rise.