Cheers! Brits set to spend £447M in pubs by Thursday 15th April
16/03/2021 - Money
It’s been a turbulent year for the hospitality industry, but with businesses due to start slowly opening their doors from Monday 12th April for outdoor use, hospitality recovery spending is predicted, as new research highlights Brits are set to spend £447m as pubs reopen.
New research from money.co.uk has revealed that almost a quarter (23%) of over 18s are planning to hit the pub within the first six days of restrictions being lifted, and almost one in 10 on the very first day, even though it’s a Monday.
With an average spend of £52.48 per person attending within the first three days (16%), that would equate to a national spend of £447m in the sector by Thursday 15th April.
It’s no surprise that young people (18-24) will be first in line, with a quarter (26%) planning their first pint within three days of pubs reopening. Older generations are set to be more cautious, with only 15% of 35-44 and 11% of 45-54 saying the same.
Across the UK, the North East and Scotland are the regions most likely to hit the pub early, with 12% expecting to go on the first day, and 11% of those in Yorkshire. In comparison, Wales is least likely with only 3% followed by the North West at 4%.
So what does this mean for the economy? Brits have been planning for the end of lockdown, with one in nine (11%) putting money aside to go to the pub, 21% to go for a meal, a quarter (25%) to book a holiday abroad, and 24% to travel to another part of the UK.
At the pub, on average people plan to spend £52.48, with 26% of respondents planning to fork out more than they would pre-pandemic. One in four (25%) plans to spend £21-£40, while a further one in nine (11%) plans to blow a staggering £150-£250.
Men place more value on a pint than women, on average saying they would spend £59.24 vs £45.17 for females.
Not only will they be knocking on the doors when the pubs finally reopen, but 16-24s will also be splashing the cash, with the average predicted spend sitting at £133.30 for the age group. This decreases to £35.13 in 45-54s, and £22.86 with the over 55s.
Across the UK, Scots plan to spend the most (£95.15), followed by residents of Northern Ireland (£78.45) and London (£73.53). At the lower end, those in Wales only plan to spend £33.69 on average, and the South East £34.53.
It’s not just pubs that will be seeing the benefits when restrictions ease. After a year of home cooked food, Brits are just as keen to see the return of restaurant dining, with 17% of people planning to go out for a meal within the first three days. On average, they are planning to spend £59.69 on their first meal out, with 36% planning to spend more than they would have before lockdown.
Holidays might feel like a distant memory, but when it comes to booking a trip abroad people are remaining cautious, with 30% of people planning to wait more than four weeks before making a commitment. Within the UK, however, people are more optimistic. 24% of Brits are planning to travel to another part of the UK, whether that is to visit loved ones or on a staycation, within the first two weeks of lockdown lifting.
When that first holiday since lockdown does happen, 43% plan to treat themselves by spending more on a break abroad than before the pandemic. On average Brits are planning to spend £1,852, with one in nine (11%) planning to go all out and spend £3,000-£4,000 on foreign travel, and £328.55 travelling within the UK.
As we return to normality, how are Brits planning to spend their time? 18% will be spending more time at the pub, 29% plan to go for more meals out, 22% plan to book more holidays abroad and 35% plan to spend more time travelling within the UK.
James Andrews, personal finance expert at money.co.uk said: “Lockdown has been tough on many industries, but the hospitality industry has been hit particularly hard with changing restrictions across the country since the first national lockdown eased in June.
“It’s promising to see that as restrictions begin to ease, people plan to support their local businesses. With GDP falling 2.9% in January 2021, this support will be hugely important to the UK economy, and indeed to individual businesses who have had to navigate these uncertain times.”
Money.co.uk launched its best savings calculator to help Brits work out how much they could save if they keep their spending at lockdown levels.
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