The hospitality industry is set to reap a much-needed £2 billion bonanza from the extended Jubilee bank holiday.
A survey held jointly by four trade bodies estimates that the sector can look forward to a 22 per cent jump in trade over the next four days as the UK celebrates the Queen’s Platinum Jubilee.
UKHospitality, the British Institute of Innkeeping, the British Beer and Pub Association (BBPA) and Hospitality Ulster say the extra £2 billion is almost £400 million more than pubs, bars, restaurants and other hospitality venues could expect to earn during a normal Thursday to Sunday in May.
The four trade organisations said in a joint statement: “There are still lots of hurdles that businesses have to clear on the way back to profitability — huge cost increases, a staffing crisis, rising Covid rent repayments and too much red tape — but these four days will do wonders for income and for employee morale.”
They added: “It’s also a wonderful, celebratory moment for millions of people who’ve been denied the opportunity to socialise with friends and family for far too long, and we sense there’s a real pent-up desire among the population to get out and enjoy itself.”
According to the BBPA, consumers will quaff more than 90 million pints over the four days, equating to a £150 million boost to the industry and a £29 million cash injection to the Treasury. Sales of sparkling wine are also expected to rise as people toast the Queen’s 70 years as monarch. Majestic Wine estimates that Britons will imbibe 114 glasses of bubbly a minute.
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Platinum Jubilee to serve up a £2bn hospitality boost