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Gloucestershire Business News

UK set for £2.5bn hospitality sales bonanza

Pubs, restaurants and other hospitality venues in the UK are set for a much-needed £2.5bn sales boom this week as indoor service resumes.

A new VoucherCodes.co.uk report, carried out by the Centre for Retail Research (CRR), predicts that 104 million people will be heading out to hospitality venues from today (Monday) to make the most of sitting inside for the first time this year.

On their first day of full reopening today, venues are expected to seat 13.6 million eager customers, who are forecast to spend £296.8m enjoying their first indoor drinks and meals out since December 2020.

With May's poor weather conditions set to continue into this week, venues will be thankful for the boosted custom from indoor bookings, which is set to steadily increase throughout the week.

Friday and Saturday are set to be the busiest days, with 16.1m and 18.3m people planning to head out, spending a whopping £389.1m and £426.2m respectively.

Compared to the same week in 2019 - during the last 'normal' May before Covid - venues are set to see a 34.8 per cent increase in sales this week, with consumers predicted to spend 41.2 per cent more on Saturday (£426.2m) than the same day in 2019 (£301.84m).

These findings come as VoucherCodes releases a new report with the CRR, Life after Covid, which examines prospects for the hospitality industry in 2021 and 2022 as it recovers from the Covid-19 pandemic.

Despite venues being forced to remain closed during lockdown between January - April 2021, followed by a partial re-opening from 12th April until 17th May, the future looks bright.

In 2021, the hospitality industry is forecast to make a considerable increase of 63.3% in sales compared to 2020, equivalent to £31.236bn. By the end of 2021, the hospitality industry is set to make a total of £80.550bn.

Looking ahead to 2022, the report predicts that hospitality is set for a bumper year as people enjoy their first full year without restrictions since 2019. Hospitality venues are forecast to take in £120.564bn by the end of 2022, a considerable £40.014bn (49.7 per cent) more than in 2021.

Angus Drummond, senior director, Commercial at VoucherCodes.co.uk said: "If people in the UK are known for anything it's our love for pubs and restaurants, so it's no surprise to see that so many people are planning to make the most of being able to sit inside and enjoy drinks and meals out.

"It's been an incredibly tough year for the hospitality industry with large periods of closure, so it's particularly encouraging that this report forecasts a quick and strong recovery over the next couple of years."

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