The weekend of 26-28 August is expected to be a bumper period for the sector with consumers predicted to each spend an average of £138.55 in restaurants, pubs and bars across the UK, research from independent finance broker Charles & Dean has found.
The research, conducted in collaboration with Censuswide, predicts that 42 million people – 77% of Brits aged 16 and over – will visit hospitality venues over the three-day bank holiday weekend. Demand for restaurants, pubs and bars is set to be even greater among the youngest consumers, with those aged 16-24 estimating they will spend £171.07 over the course of the weekend.
Spending is expected to vary significantly by region with consumers in London expected to spend an average of £200.83, significantly more than people in other parts of the country.
People in the North East are predicted to each sped £165.02 followed by those in Northern Ireland, spending £159.
Consumers in Scotland were expected to each spend £147.86 - the least in hospitality venues during the three days.
“As the data shows, it is clear that people are keen to take full advantage of the late summer bank holiday later this month. While we’re seeing a general trend towards financial cutbacks amid the cost of living crisis, it seems the longer weekend will give them an excuse to enjoy themselves,” says Tom Perkins, director and co-founder at Charles & Dean.
“The onus is now on hospitality venues to do all they can to capture this demand, planning ahead and thinking about what they can put in place to make their bank holiday offering as appealing as possible.”