Hospitality to benefit from £2.5bn sales increase in first week of full reopening

By BigHospitality

- Last updated on GMT

Hospitality to benefit from £2.5bn sales increase in first week of full reopening

Related tags: lockdown, Hospitality

Pubs, restaurants and other hospitality venues in the UK are set for a much-needed £2.5bn sales increase next week as indoor service resumes, according to a new report.

Research for VoucherCodes.co.uk, conducted out by the Centre for Retail Research (CRR), predicts that 104 million people will make a return to hospitality venues in the week beginning 17 May, with venues expected to seat 13.6 million customers on the Monday.

Spend is expected to increase steadily throughout the week with Friday and Saturday set to be the busiest days, with 16.1 million and 18.3 million people planning to head out, spending £389.1m and £426.2m respectively.

Predicted sales for next week are significantly higher than average: compared to the same week in 2019 - during the last ‘normal’ May before Covid - venues are set to see a 34.8% increase in sales next week, with consumers predicted to spend 41.2% more on Saturday (£426.2m) than the same day in 2019 (£301.84m)

The hospitality industry is forecast to see an increase of 63.3% in sales compared to 2020, equivalent to £31.2bn, says the report. It predicts that hospitality will have a bumper year in 2022 with venues forecast to take in £120.6bn by the end of 2022, a rise of £40.014bn (49.7%) than in 2021.

“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 next week,” says Angus Drummond, senior director, commercial at VoucherCodes.co.uk.

“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.”

Related topics: Trends & Reports

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