Businesses to benefit from £46m Bank Holiday spending boost
Research reveals the rise of the ‘staycation’ will see small businesses in the retail and hospitality sector benefit from a £46m Bank Holiday spending boost.
According to the data for American Express Shop Small, compiled by GlobalData, over a quarter of business owners (29 per cent) thought that the ongoing staycation trend would lead to an increase in numbers of customers compared to an average year.
A third (32 per cent) are hoping to capitalise on the Bank Holiday weekend, to make back money lost during lockdown.
41 per cent of small businesses taking part in the research said that they have already noted an increase in domestic tourism ahead of the Bank Holiday, with a rise of non-local customers visiting their stores and premises throughout August.
86 per cent of small businesses in the sector said the extra spending would also work to support local economic, saying they invest in local services such as laundry and cleaning services, as well as regional wholesale suppliers.
Dan Edelman, general manager of merchant services UK at American Express explained: “We’re hearing from small businesses across the UK that they are upbeat about the potential contribution of UK tourists to their revenues, which were hard-hit during the lockdown period.
“Our Shop Small research shows that, by supporting independent retailers, UK consumers can have an immense impact on these businesses which is why we’re encouraging people to support small businesses both at home and when staycationing.”
JoJo’s Gelato, based in Brighton, has experienced a boost from the rise in domestic tourism in recent weeks. Owner Sultan Khan commented: “It’s a relief to see people embrace the idea of holidaying in the UK this year.
“It’s so important to make the most of these last weeks of summer, and particularly the August Bank Holiday.”
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