According to payments supplier Worldpay, consumers are tightening their belts with the impending Brexit and 'staycation' is the buzz word. It said that pubs in the regions, such as Cornwall, were likely to reap the rewards.
Its figures said that the spring May bank holiday could earn a whopping £3bn for UK high street businesses.
The company’s analysis of transaction data from the early May bank holiday weekend revealed a 7% increase in card transactions in-store, compared to the same time last year.
Worldpay’s analysis of transaction data during the spring bank holiday in 2016 showed spending in pubs was up 25% compared to an average weekend.
Spend in restaurants was up 21%, and hotels (17%) also saw double-digit growth compared to average weekends. If the upward trend in spending seen in early May continues, these figures could be even higher this year.
The regions seeing the greatest benefit from the bank holiday boom are vacation favourites Cornwall, Brighton and Edinburgh, where in 2016 overall spending increased by 11%, 6% and 5% respectively.
“This is a key period for businesses that rely on seasonal peaks in traffic and, with the weather forecast looking positive for the moment, tourist hot spots across the UK will be looking to make hay while the sun shines,” said Worldpay UK chief marketing officer James Frost.
“The current weakness of the pound means more Brits are choosing a staycation instead of heading abroad, while foreign tourists are making the most of cheaper prices by flocking to destinations from Edinburgh to Cornwall.
"Savvy business owners will be doing all they can to make the most of this boom, from taking on extra staff to deploying technologies designed to speed up service at busy times.”