24-hour party people: hospitality’s £6.75bn missed opportunity?

Chris Losh

Chris Losh

14 June 2018

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.
Register today: www.imbibe.com/live

We can’t wait to see you there!

Related articles

News

A 24-hour rolling booze service? No thanks

The on-trade needs many things.

News

24 hour party people: Bartender wellness

Bartending is the classic 'work hard play hard' industry.

News

Party people: Drinks List of the Year

The great and the good of the bar world grabbed their glad rags for a dazzling awards ceremony at 100 Wardour St in London.

Spirits & Cocktails

Philip Duff: Why on earth do people start craft liquor brands?

In the first in a five-part series, Philip Duff asks (and hopefully) answers why people start craft liquor brands Well, there’s moo-lah, for one.