Brits may be feeling the squeeze in their pay checks, but they’re still spending money on recreational activities and sweet treats — and that presents a “massive” opportunity in U.K. leisure stocks for investors, analysts at Berenberg say.

U.K. shoppers have stepped up their purchasing online, which has driven down sales in stores on traditional streets as well as in malls, the Berenberg team said in a research note issued Wednesday.

But at the same time, there’s been a rise in the “experience economy,” which covers having…
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