Finally, there’s some good news for the rather deflated hospitality sector. Pubs, restaurants and bars are in for a business boom this Easter!
According to a spending analysis report published this week, Brits are expected to spend over £80 million extra on going out this bank holiday weekend, with high street retailers’ card transactions within the food and drink industry expected to increase by 11 per cent compared to a normal weekend.
Commenting on the findings, a spokesperson for the report says: “With the Easter bank holiday weekend right around the corner, business is clearly booming for UK pubs, bars and restaurants. Brits looking to enjoy the Bank Holiday are looking forward to splashing out on long lunches and spending time with friends and family in the country’s best bars, pubs and restaurants – fingers crossed the weather stays bright for it too!”
Despite the optimistic outlook for the Easter weekend, Retail Gazette says: “Analysts fear that if the weather returns to freezing conditions this Easter weekend, retail footfall across the UK could drop by as much as 15 per cent year-on-year.
“While early forecasts did suggest that the upcoming Easter weekend would meet expectations as the most anticipated weekend for retail after Christmas – with an increase of 2.4 per cent in footfall compared to the same trading period last year – if snow and ice were to return, footfall may take a sudden turn and retailers could suffer, as evidence from the previous two ‘beasts from the east’ has shown.”
Springboard Insights Director, Diane Wehrle, does however feel that if the weather doesn’t deteriorate, then footfall is anticipated to increase due to a range of factors.
“The timing of national payday before Easter weekend in 2018 means that households are likely to have some discretionary spending budget available that will not yet have been spent or allocated,” Ms Wehrle says.
“If the weather remains mild this Easter weekend, consumers may reinstate cancelled trips for the Easter weekend and are likely to visit garden centres and furniture outlets to refresh homes and gardens, and to fashion stores to browse spring ranges.
“The now established demand for eating out and hospitality will mean that families are likely to combine shopping trips with visits to coffee shops, restaurants and even leisure facilities this Easter weekend.”
She goes on to add that whilst a number of operators in the hospitality sector are facing trading challenges and increased competition, “the combination of these two factors is driving discounting and offers, making it even more economic for consumers to eat out.”
In this very challenging time for the hospitality industry, what is important that business owners partner with an adviser who knows your industry and can work with you to resolve issues which can impact on business performance and success.
At Beavis Morgan, we have extensive experience of working with clients in the hospitality sector and our professionals are acknowledged experts in issues affecting restaurants, pubs and hotels.
Wishing you and your family a relaxing bank holiday weekend, from all of us at Beavis Morgan.
Further reading: Tips to prepare for the Festive Season and grow your SME business