Festive season to provide £12bn hospitality boost

More than 40 million people are expected to visit a hospitality venue over the six-week festive period this year, according to VoucherCodes.co.uk’s Shopping for Christmas Report 2023. However, this marks a 4.5% decline on the previous year.

This Christmas period, 28.7% of consumers say they plan to visit a restaurant, pub or bar, compared with 33.2% who visited last year.

According to the report, half of consumers say they’re cutting back on visiting hospitality venues this Christmas because of price rises (48.8%). Instead, one-third of people plan to host friends and family at home as a way to save money.

However, Christmas markets are forecast to hold up well compared to other types of venue, with 30% of consumers (13.8 million) planning a visit over the festive season.

The report also shows pubs can expect 10 million visitors over the Christmas period, and restaurants can expect 8.6 million, as consumers celebrate. Bars can expect 4.1 million visitors in the run up to Christmas, with clubs forecast to see just 1.4 million visitors.
“The hospitality industry has faced a tough year, with high inflation rates and rising costs eating into profit margins, and sadly challenges are set to continue over the Christmas season,” says Michael Brandy, senior commercial director at VoucherCodes.co.uk.

“Despite many consumers returning to hospitality venues since the pandemic to celebrate with friends, family and colleagues, many will be prioritising their money for Christmas essentials such as gifts, travel and the Christmas dinner.