New figures from savings site VoucherCodes finds that British consumers are predicted to spend £1bn on eating out over the bank holiday, and a further £0.95bn on drinks in hospitality venues. A further £0.95bn is forecast to be spent on takeaways.
“Bank Holiday Weekends are always an exceptionally lucrative time for the British hospitality industry, with trips to the pub and out for food intrinsically associated with a long weekend,” says Angus Drummond, senior commercial director at VoucherCodes.
“When there’s a national event such as a Jubilee this is even more amplified, and with this Bank Holiday Weekend spanning four days, the industry is gearing up for what could be one of the busiest weekends of the year.
“The cost of living crisis has understandably had a negative impact on consumer hospitality spending. However with our research showing over a third of people are planning ahead to head out for food and drinks to mark the occasion, venues will be pulling out all the stops to attract customers looking to celebrate in a truly British fashion this weekend.”
Licensing hours for pubs, clubs and bars will be extended from the normal 11pm closing time to 1am the following day on Thursday 2, Friday 3 and Saturday 4 June. Trade body UKHospitality has previously said the Jubilee bank holiday represents an opportunity to boost the sector's recovery.
Restaurant guest experience platform SevenRooms predicts that 19 million people are due to flock to hospitality venues over the four-day bank holiday weekend, with Saturday (4 June) expected to be the biggest and busiest day for the industry, following closely by Friday 3 June.
However, its own research suggests a lower, albeit still significant cash boost for the sector of around £1.5bn.
Over the weekend, it’s estimated that Brits will spend almost £40 (£39.04) more per head in pubs and restaurants than general respondents would on an average week – an almost 50% increase in spend.
The North of England is predicted to lead the way in terms of spend, with Leeds tipped to be the biggest spenders, followed by London and Bristol.
“After more than two years of restrictions and challenges, it is clear that people are keen to celebrate the Jubilee in style and take full advantage of the extended bank holiday,” says Danilo Mangano, international managing director at SevenRooms.
Praying for sunshine
Jonathan Jones, CGA’s managing director, UK and Ireland, says the on trade desperately needs sunshine if it is to take full advantage of the Jubilee weekend, adding that mixed weather over the spring had meant meaningful growth in drinks sales has remained frustratingly elusive.
On premise drink sales were virtually level with 2019 in the week to 21 May, according to the latest CGA Drinks Recovery Tracker.
Following four successive weeks of growth, average sales across Britain’s managed pubs, restaurants and bars were only 0.2% behind the comparative week in 2019.
Warmer weather in the earlier part of the week pushed sales above pre-pandemic levels, by 8% on Tuesday (17 May) and 11% on Wednesday (18 May) before the cooler wetter weather saw sales flatten.
Sales of spirits were up 9% from 15-21 May, seeing the biggest category rise, with beer up 1%. Wine sales, meanwhile, were down 12% and cider down 11% over the period.
But despite the modest growth in recent weeks, CGA notes that high inflation means the value of those sales is still well behind in real terms.
“The celebrations could help to kickstart the summer, though the cost-of-living crisis continues to cast a shadow over consumer spending,” says Jones.
Earlier this month, the British Beer & Pub Association (BBPA) said it expects 90 million pints to be sold over the Jubilee bank holiday resulting in a £105m boost for pubs and brewers.