UK small businesses could earn an extra £3bn this bank holiday weekend, as UK shoppers choose to holiday at home.
According to a report by Worldpay, the previous May bank holiday saw in-store card transactions rise 7% – compared to the same time last year.
Particularly benefiting the services industry, pub spend was up 25% over a regular weekend, while restaurants (21%), tourist attractions (35%) and hotels (17%) also experienced increased footfall.
Not surprisingly, the areas benefiting most from the long weekend are more traditional tourist spots such as Cornwall, Brighton and Edinburgh – where in 2016 spending increased by 11%, 6% and 5% respectively.
It’s suggested that in a post-Brexit Britain, a higher cost of foreign travel will cause UK shoppers to holiday domestically.
James Frost, CMO Worldpay UK, said:
“This is a key period for businesses which rely on seasonal peaks in traffic, and with the weather forecast looking positive – for the moment – tourist hotspots across the UK will be looking to make hay while the sun shines.
“The current weakness of the pound means more Brits are choosing a staycation instead of heading abroad, while foreign tourists are making the most of cheaper prices by flocking to destinations from Edinburgh to Cornwall. Savvy business owners will be doing all they can to make the most of this boom, from taking on extra staff to deploying technologies designed to speed up service at busy times.”
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