The May bank holiday could earn £3 billion for UK high street businesses, as thrifty Brits choose to spend the long weekends – and their hard earned cash – closer to home.
New data from payments processor Worldpay has revealed that in post-Brexit Britain, where foreign travel is increasingly costly, native trips have upped their appeal.
The company’s analysis of transaction data from the Early May bank holiday weekend reveals a 7% increase in card transactions in-store, compared to the same time last year.
This calculation is based on a comparison between card transactions processed by Worldpay during the early May bank holiday weekend 2016 and the early May bank holiday weekend 2017.
For retailers and hospitality business owners, the strong growth in spending seen during the first bank holiday in May will be welcomed as an encouraging sign that trading this weekend could be even brisker.
James Frost, CMO Worldpay UK, comments: “This is a key period for businesses which rely on seasonal peaks in traffic, and with the weather forecast looking positive – for the moment – tourist hotspots across the UK will be looking to make hay while the sun shines.
“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.”