Recent data a 2023 Christmas Shopping Report suggests that hospitality establishments can expect to receive a £12 billion uplift during the festive period, even though there is a decrease in the number of visitors. It's expected that more than 40 million individuals will visit hospitality venues throughout the six-week holiday season this year. Nonetheless, this figure reflects a 4.5% reduction from the previous year.
During this Christmas period, 28.7% of consumers express their intent to dine at a restaurant, pub or bar, in contrast to the 33.2% who did so the previous year. According to the report, about half of consumers said that they are curbing their visits to hospitality establishments this Christmas due to escalating prices (48.8%). As an alternative, a third of individuals plan to entertain friends and family in their own homes as a cost-saving measure.
Nevertheless, the outlook is positive for Christmas markets, which are expected to remain resilient in comparison to other venue types, with 30% of consumers (equivalent to 13.8 million people) planning to attend such markets during the festive season.
The report also reveals that during the Christmas season, pubs are likely to welcome approximately 10 million customers, while restaurants are expected to host 8.6 million diners as people partake in the festivities. Bars are anticipated to have 4.1 million visitors in the lead-up to Christmas, with clubs projected to attract 1.4 million party-goers.
Michael Brandy, senior commercial director at VoucherCodes.co.uk (who conducted the report), commented:
“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.
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."