“Sociability” is recession-proof, and trading at pubs and liquor retailer Endeavour Group’s 349 hotels has not slipped in the first five weeks of 2023 even in mortgage-belt suburbs, says its chief executive.

Steve Donohue said the company was watching carefully for any signs of a shift in consumer behaviour after nine successive interest rate rises by the Reserve Bank of Australia, but there had been no pulling back on spending from hotel-goers or those buying drinks from liquor stores.