"There is a retreat from the local restaurant back to nights on the sofa”

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“Any hint of adverse economic developments is likely to provoke a retreat from the local restaurant back to meal deals and nights on the sofa”.

Peter Spencer, chief economic advisor to the Ernst & Young ITEM Club, warns that a recovery in consumer spending is set to be fragile, and it will be two years before levels reach pre-recession spending.

Helen Roxburgh is the online editor of Economia