Food sector businesses set to gain from May bank holiday weekend spending
Article Date: 2019-05-22
Data from Paymentsense shows consumers drove a 24% increase in convenience food sales last year
New research reveals that food-related businesses are set to benefit from increased sales volumes over both bank holiday weekends in May, as part of a wider leisure spending trend identified by new figures from Paymentsense.
This is based on 2018 data from the company’s 70,000 small business customers across the UK, which revealed that spending on take away and fast food was up by 24% increase over normal trading levels. Other food-serving business also benefited with pubs, bars and nightclubs enjoying a near two-thirds (60%) sales lift, followed by hotels at well over a quarter up (28%).
Paymentsense’s figures show that other sectors also enjoyed increased sales last year, with garden-related retail spending enjoying a big uplift with transactions 248% above normal levels, during the 2018 bank holiday weekends. However, it was a mixed picture in the retail sector overall, with heating and plumbing-related retailers down 71%, and builders’ merchants down 62%.
Regionally, across all sectors, the South East saw the greatest uplift in trade (up 9.2%), followed by the South West (7.6%) and the North East (7.2%). Portsmouth enjoyed the biggest spending boost at 26% above normal sales levels, with the national average standing at 6% uplift. London was much lower down the list at 2.2%.
Guy Moreve, CMO, Paymentsense comments: “Despite recent uncertain times for small businesses, our early analysis suggests that the trend of extra consumer spending across both bank holiday weekends is set to continue this year.
“As spring turns to summer purchasing trends shift with the seasons: our figures suggest May, with its two bank holidays, is the real start of summer for many people - their attention turns away from practical purchasing towards outdoor activities and entertainment.
“Small business owners should also ensure they can take all forms of payments ahead of the upcoming May bank holiday, to really make the most of the expected increase in consumer spending. Given that consumers will only wait a few months for SMEs to start taking cards before they lose patience, it’s also an investment in the long-term success of a new or small business.”