This year UK consumers are forecast to spend £12.3bn at hospitality venues over the six-week festive period as they celebrate with friends, family, and colleagues.
VoucherCodes.co.uk’s Shopping for Christmas Report 2024 reveals hospitality spending is set to rise by 2.3% year-on-year this Christmas season, up from the £12bn spent last year.
With the cost of living crisis easing, consumers are more willing and able to mark the festive season with a night out on the town. As a result, from the middle of November through to the end of December over one-third of consumers (34%) or 40.1 million, will visit some kind of hospitality venue.
This festive season Christmas markets will be the most popular destination, with 13.1 million visitors, however this is a -4.5% drop YoY. On the other hand, pubs are set to see visitor numbers jump 5.4% to 10.5 million, followed closely by restaurants at 8.6m (-0.4% YoY).
Visitor numbers by venue. 2023 actuals, 2024 forecast
Whilst consumers cut back last year to prioritise spPubsending for family events, in 2024 the Christmas party is back with one-third of people saying they’ll celebrate with colleagues (31%) – that’s 5% up on last year.
Michael Brandy, Senior Commercial Director at VoucherCodes.co.uk, comments:
“After the pandemic and two years of a cost of living crisis, the hospitality industry will be thrilled to hear that this year consumers will be heading to their local pubs, bars and restaurants in their droves – and spending.
“With consumers making the most of the festive season and celebrating with friends, family, and colleagues, venues can look forward to a healthy bump in sales. Those who provide their customers with great value for money, either by offering deals and discounts, or extras such as live music and entertainment, will do particularly well this Christmas as consumers look to stretch their money as far as possible.”
