Hospitality sector to lose £200m a day due to Covid in 2020
Monday, February 1, 2021
Recent data showed turnover in the restaurant industry fell by nearly £72 billion in the past year, equating to almost £200 million a day and £8 million an hour in lost revenue.
The survey, published today, shows sales for the country's hospitality sector down 54 per cent in 2020, with turnover slumping from £133.5 billion in 2019 to £61.7 billion by 2020.
The latest issue of UKHospitality and CGA Quarterly Tracker shows a staggering 54 per cent decline in turnout by 2020 for an industry which in normal times employs over three million people and pays multibillion pound taxes to the Exchequer.
It features hotel data from STR, fast food market data from NPD Group's Crest panel and direct corporate contributions from
The numbers underline that tourism still needs specific government financial assistance to survive the crisis and contribute to economic recovery.
Phil Tate, CGA chief executive, said: "This is the clearest evidence yet of the shattering impact of the Covid-19 pandemic on the country's hospitality industry. With every week of restrictions, the sector loses more than a billion pounds of sales, hundreds of businesses and thousands of jobs.
Severe local and national restrictions on trade and socialisation led to an especially damaging slowdown in trade in the last quarter of the year, the tracker shows.