Analysis from alternative funding platform Liberis has predicted that bank holiday revelers will spend an additional £80m in total in pubs, restaurants and bars throughout Britain this Easter.
Brits looking to make the most of their time off will spend more money on longer lunches and dinners with family and friends, contributing an extra £91m to the economy in the process, the research found.
The analysis predicted that on average, the number of card payment transactions carried out by food and drink retailers on the high street will increase by 11 per cent over the Easter weekend.
The statistic adds yet further evidence to the notion that Britain is edging closer to a “cashless” society – one in which retailers must invest in card payment technology and update their processes regularly.
Commenting on the findings, Liberis CEO Rob Straathof said: “With the Easter Bank Holiday weekend right around the corner, business is clearly booming for UK pubs, bars and restaurants.
“Brits looking to enjoy the bank holiday are looking forward to splashing out on long lunches and spending time with friends and family in the country’s best bars, pubs and restaurants – fingers crossed the weather stays bright for it too!”
The finance provider’s analysis was based on some 950,000 daily repayment transactions, from more than 6,300 small UK businesses, throughout March this year.
Despite the study’s optimistic Easter outlook for food and drink retailers, others have predicted that across the UK, overall retail footfall figures may lower than normal this Easter, particularly if the freezing weather conditions the UK has experienced recently return.
The magazine Retail Gazette recently published research which found that the “beast from the east” storm, which battered the UK the week beginning 25 February, led to a 16.6 per cent decline in high street footfall overall.
Insights director at retail sector analysts Springboard, Diane Wehrle, said: “Recent adverse weather may have resulted in consumers deferring or cancelling shopping trips, while also delaying household spending on garden products and home improvements.”
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