The August Bank Holiday is set to be a bumper weekend for the UK hospitality industry according to research from independent finance broker Charles & Dean.
The August Bank hol could create an additional £5.8 billion for the hospitality industry through consumer spending in restaurants, pubs and bars across the UK, with an average spend of £138.55 per head.
Despite a nationwide tightening of the purse strings, Charles & Dean’s research, conducted in collaboration with Censuswide, predicts that 42 million Brits aged 16 and over – are due to flock to hospitality venues over the three-day bank holiday weekend.
Demand for restaurants, pubs and bars is set to be even greater among the youngest consumers, with those aged 16-24 estimating they will spend £171.07 over the course of the weekend.
Not only this, but spending is expected to vary significantly by region – with London, the North East and Northern Ireland coming out as the top spenders in the UK.
Tom Perkins, Director and Co-founder at Charles & Dean said, “As the data shows, it is clear that people are keen to take full advantage of the late Summer bank holiday later this month. While we’re seeing a general trend towards financial cutbacks amid the cost of living crisis, it seems the longer weekend will give them an excuse to enjoy themselves.
“The onus is now on hospitality venues to do all they can to capture this demand, planning ahead and thinking about what they can put in place to make their bank holiday offering as appealing as possible. We’re seeing operators make improvements to their outside spaces, introduce new menus or incorporate clever changes to their décor to freshen up the look of their venue.
“However, incorporating these new features doesn’t have to be a costly endeavour. They can often come from smart investments that are aligned with day-to-day business strategy. From an industry perspective, what is crucial is that businesses of all sizes are given the financial support they need to make these investments, bolster revenue in this last gasp of summer, and drive growth.”