May is a month that many of us have been looking forward to. Not 1, not 2, but 3 Bank Holiday’s meaning three glorious long weekends. An extra day at the weekend is a little luxury we all look forward to. Whether it allows you time to catch up on the endless list of household chores, time spent with friends and family, or the time to do absolutely nothing. For the hospitality sector, it provides an extra day, as the weather warms and the sun sets later, for customers to flock in groups for dinners or drinks. Events such as the King’s Coronation this weekend may be slight relief to pubs and restaurants as recent consumer spending has decreased. The additional expenditure from the Bank Holiday may give these businesses the cash injection they need before the summer months and provide slight relief from the cost-of-living crisis.
Last Orders Just Got Later Thanks to the Coronation
To commemorate the Coronation, there has been an extension of pub closing hours on May 5th and 6th. Usually, we are all used to hearing a bell ring or a voice boom ‘last orders’ just before 11 pm. This has been extended to 1 am. It gives pubs an additional four hours to pour pints and serve drinks.
Home Secretary Suella Braverman commented on this decision to extend trading hours. Braverman said, ‘His Majesty The King’s Coronation will be a momentous occasion deserving of special celebration. That is why I am extending the licensing hours over this historic coronation weekend. Up and down the country, people can enjoy an extra pint or two in the evening while families and friends can come together to wish His Majesty The King a long and happy reign’. It will be these extra pints that will make a significant difference to businesses. The UK Beer and Pub Association expects 62 million pints to be poured this Coronation. This is an increase of 16 million pints compared to a typical May weekend.
This Weekend is Expected to Generate a £104 million Boost to Pub Spending
The Centre for Economics and Business Research has estimated that these longer trading hours, alongside the Coronation being a special occasion, will generate a £104 million boost to pub spending this weekend. Whatever your views are around this controversial Coronation, it is undoubtedly a benefit to pubs amidst a climate where 150 pubs have been closed so far this year. Events such as the Coronation, or the recent World Cup, trigger a higher level of spending in pubs. Whether people are personally celebrating or not, it is an extra day to spend time with friends in a warm and sunny beer garden.
When predicting pub spending this weekend, it is worth looking backwards at the Platinum Jubilee last year. Barclaycard reported on spending during the Platinum Jubilee. They found that spending in pubs, bars, and nightclubs increased 74.2% compared to the year before. Additionally, they discovered that hospitality spending increased by over 40%.
A Card Machine You Can Trust Will Make all the Difference During Busy Periods
It is not solely the hospitality sector that is set to see a boost in profits this weekend. The tourism sector also expects to see a rise in spending. Visit Britain has reported that flight bookings for May from US citizens are already 10% higher now than in 2019. Furthermore, the CEBR, using data from the Office for National Statistics, has estimated that this influx of US visitors will add £44 million to the UK economy in May 2023. Similarly, the retail sector also sees a boost in sales around Bank Holidays. The CEBR estimates retail sales increase by 15% daily for a Bank Holiday. Products that see particular growth in sales are furniture, gardening, and DIY. Many people use 3-day weekends to finish the jobs they promise to get around to finally!
For busy events such as this upcoming Coronation, it is increasingly essential for businesses to have the tools they need to streamline a hectic couple of days. When your pub is full of customers wanting to celebrate, order or pay for drinks, it is crucial to reduce queuing and wait time. Having a portable card machine allows businesses to take payments at tables, consequently reducing crowding at the bar. Using our payment products and solutions, you can take card payments in your business securely, quickly, and conveniently.