First COVID-19 lockdown costing UK hospitality and High Street £45bn in turnover, study estimates
Saturday, February 20, 2021
Retail and hospitality companies lost £45billion between the first lockdown and its immediate aftermath, according to the study.
The lack of bars, pubs and restaurants has been "dramatic" say researchers, with a first UK lockdown meant sales swooped down by up to 90% from their normal levels, representing a fall in turnover of around £25bn.
The new study by Cambridge and Newcastle universities used ONS data to compare UK retail, hospitality and online sales from March till August 2020, having averaged the same month in 2010-2019.
Online sales saw a huge boost as many stores were closed and people stranded inside, peaking at around one-third above normal expectations during the initial closure-an increase which is worth £4 billion more.