The Night Time Industries Association has released the results of a flash poll highlighting the complex and unpredictable nature of consumer behaviour under the current inflationary pressures faced by consumers.
The group said that, during the October to December period, 21.7% of members experienced a 0-10% decrease in revenue and 18.8% observing an 11-20% decrease.
The 13% encountering over a 30% decrease in revenue signalled a need for urgent measures to stabilise and support businesses facing significant financial setbacks.
While 55.7% of businesses estimated they could last up to four months without further support, 25.7% projected sustainability between two to three months. This indicated a critical need for immediate government action to prevent a substantial portion of businesses from facing financial distress and potential closures.
The overwhelming majority of businesses are advocating for specific government interventions, including VAT reduction (82.9%), restructuring of business rates or further relief (57.1%), and additional energy support (32.9%). The high percentage of businesses expressing these needs emphasises the urgency and critical importance of government support.
Michael Kill, CEO of the Night Time Industries Association said of the findings: “I want to highlight the critical concerns we are currently facing. The Night Time Economy is grappling with the widespread impact of external factors, unpredictable consumer behaviour, ongoing financial challenges, and the limited sustainability of businesses without support. It is imperative that we address these issues with targeted government interventions. The findings underscore the fragility of the Night Time Economy, emphasising the urgent need for coordinated efforts to ensure its survival and facilitate a robust recovery.”