August bank holiday set to brighten retail and hospitality with £600m boost

• The August bank holiday is set to boost retail and hospitality sales by 15 percent, equating to an additional £600 million contribution to the economy, according to new consumer spending forecast from Experian and Reward 
• Analysis also demonstrates the impact weather conditions have on consumer spend behaviour, with insights showing an increase in sunny weather could elevate this potential further, with every degree above average potentially adding £16m 

As the August bank holiday approaches, the UK’s retail and hospitality sectors are anticipating a significant surge in sales, according to consumer spend insights from global data and technology company Experian and Reward, an industry leader in customer engagement and commerce media.

The forecast, which is based on previous bank holiday spend uplifts compared to average weekends in the lead up to the bank holiday, predicts a 15 percent increase in sales for retail and hospitality. This uplift is expected to contribute an additional £600 million to the UK economy – a welcome boost for businesses during the summer season.

What’s more, the insights find weather conditions will play a crucial role in shaping consumer behaviour over the long weekend. If there is a spell of warm, sunny weather, it could drive even higher sales, with every degree above the seasonal average potentially adding £16M million to the respective sectors. This underscores the positive correlation between good weather and consumer spending during key trading periods.

Colin Grieves, Managing Director, Marketing Services, Experian UK&I, comments: “As we head into the August bank holiday, our data and insights show the opportunity open to businesses across the country. It’s important though they are ready to be flexible and change strategies depending on the weather. It could be they can truly capitalise on sunny skies, or they may have to manage the impact of rain on their sales.”  

Image courtesy of Pexels. Photo credit: Ketut Subiyanto.