U.K. will take £3.5 billion from 'brimming with confidence' hospitality and leisure industry
Thursday, September 30, 2021
New research this morning revealed that hospitality and leisure sectors could be flourishing, adding £157million more to the North East economy this year than they will in 2019.
On the basis of revenue forecasts for the period from April through December 2021, when the sector is broadly open again, this equates to £3.5 billion more gross value added (GVA) compared with 2019's.
The top spots are the Lake District, the South West of England and the Highlands of Scotland.
The study shows new patterns around how people access hospitality and recreational services and changing consumption patterns.
3 quarters (76%) of the area's catering and leisure businesses are concentrating on 'healthy' products in their portfolios.
For example, while restrictions on travel abroad have been significantly eased in recent weeks, there may be an element of local tourism in this area with almost half (45%) of consumers favouring holidaying abroad over a holiday in the United Kingdom.
Mike Saul, head of hospitality and leisure at Barclays Corporate Banking, says: "After a very difficult period for the hospitality sector, it is great to see how well the sector has bounced back. Our findings show an industry brimming with confidence and buoyed by surging revenues.