Nearly every sector of our economy has something to say about the June Brexit vote. That includes the hospitality sector. Despite a sharp decline in hospitality spending in the last month heading up to the referendum, spending has rebounded nicely since. The data suggests that the sector has been only minimally influenced by the vote overall. People keep spending on hospitality and travel-related services.
Based on Visa's UK Consumer Spending Index, experts say that spending on hospitality in July increased nearly 9% over June. It was the highest increase among a total of eight sectors tracked by the index. Year-on-year spending was up 1.6% as well. This seems to suggest that those making purchase decisions are not as afraid of Brexit as they were predicted to be.
As long as projections play out as planned, 2016 will be an excellent year for individual and corporate hospitality. It is a sector with plenty to offer by way of sports, music and theatre, red carpet events and more. DTB is thrilled to be at the centre of it all with a full calendar of wonderful events for clients to choose from.
Good Weather and Lots of Opportunities
According to a report from Big Hospitality, one of the things that have helped boost the hospitality sector since July was a combination of good weather and a lot of sporting opportunities. Big Hospitality specifically mentioned the Euro 2016 football tournament held in France from mid-June to mid-July.
Here on UK soil, there has been no shortage of football, rugby, cricket, golf, and tennis to keep us occupied throughout the summer. The DTB staff have been working hard to provide the high-quality sports hospitality and bespoke entertainment events we have come to be known for. We know from first-hand experience that the hospitality sector is not falling apart over Brexit fears.
While there is still plenty that remains to be seen as the government begins exit negotiations, there are no dark clouds on the corporate hospitality horizon. We are looking forward to continuing to organise excellent events for clients through until the end of this year and well into next. In fact, we invite you to browse our calendar to learn what's coming up in the near future. Regardless of your interests or the number of guests you are looking to entertain, we have something that will appeal to everyone.
1.Big Hospitality – http://www.bighospitality.co.uk/Trends-Reports/Brexit-uncertainty-fails-to-impact-hospitality-spend
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