The UK’s hospitality industry is missing out on nearly £7bn of business a year, because it’s failing to keep up with changing consumer lifestyles, according to Barclays.
In its report published today, the bank says its research shows that only a third of British workers still work traditional 9-to-5 hours.
This, in turn, has an impact on when they want to access leisure services such as gyms, cinemas, bars and restaurants.
But the hospitality industry is often not geared up to serving this new leisure time. Restaurants, cinemas and gyms are often shut when a significant percentage of the population would like to use them.
Barclays estimates the lost revenue at £6.75bn.
The report, which sampled over 2,300 workers, found that 13% of film lovers would like to go to the cinema between 11pm and 5am, and almost one in five diners would like to access a takeaway after 11pm.
Over a fifth (22%) of workers claim that they need the hospitality industry to offer them different opening hours, while 19% say they expect services to be accessible 24 hours a day.
Generation Z (aged 18-24) are the most demanding in this respect, with 34% expecting venues to be open round the clock.
The report cites Deliveroo and Uber Eats as good examples of businesses tapping into this growth of on-demand eating, and says that if more restaurants extended their hours (particularly for take-away services) it could generate an extra £2.2bn of business.
Over a quarter of customers said that they would use hospitality services more often if they could book online at any hour of the day.
While you're here…
Have you registered for the on-trade’s favourite drinks show yet? Imbibe Live is taking place on 2 and 3 July at Olympia London.
If you don't already know, Imbibe Live is the innovative and interactive annual exhibition for anyone who sources, buys or serves drinks in the licensed on-trade. From sommeliers to buyers and from managers to publicans and bartenders, this essential date in the drinks calendar will see the industry’s finest come together.
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