Experian Forecasts £600M Sales Surge for UK Retail and Hospitality During August Bank Holiday, Weather-Dependent Boost Possible

Experian Forecasts £600M Sales Surge for UK Retail and Hospitality During August Bank Holiday, Weather-Dependent Boost Possible

(IN BRIEF) The August bank holiday is expected to bring a significant boost to the UK’s retail and hospitality sectors, with a forecasted 15% increase in sales, contributing an additional £600 million to the economy. This uplift is based on consumer spending analysis by Experian and Reward, which also highlights the impact of weather on spending behavior. Warm, sunny weather could further enhance sales, with each degree above average potentially adding £16 million to the total. Businesses are advised to remain adaptable to maximize opportunities or mitigate challenges depending on weather conditions.

(PRESS RELEASE) LONDON, 22-Aug-2024 — /EuropaWire/ — The upcoming August bank holiday is poised to provide a significant boost to the UK’s retail and hospitality sectors, with an estimated 15% increase in sales, translating to an additional £600 million injected into the economy. This optimistic forecast comes from the latest consumer spending analysis conducted by Experian in collaboration with Reward, a leader in customer engagement and commerce media.

The analysis, based on historical data from previous bank holidays, highlights the potential uplift in sales for both retail and hospitality businesses compared to average weekends leading up to the holiday. The forecasted £600 million boost represents a vital injection of revenue for businesses during the summer period.

Additionally, the report emphasizes the influence of weather conditions on consumer behavior during the bank holiday. A spell of warm, sunny weather could further elevate sales, with every degree above the seasonal average potentially adding an extra £16 million to the sectors. This finding underscores the strong link between favorable weather and increased consumer spending during key trading periods.

Colin Grieves, Managing Director of Marketing Services at Experian UK&I, stated: “As we approach the August bank holiday, our insights reveal a significant opportunity for businesses nationwide. It’s essential for companies to remain adaptable, as weather conditions could play a critical role in shaping consumer spending. Whether capitalizing on sunny skies or managing the challenges of rain, businesses must be prepared to adjust their strategies accordingly.”

Methodology:

The analysis is based on insights from Reward’s transactional and merchant data, derived from its Customer Engagement programs. The study compared historical sales and transaction increases from bank holidays between 2022 and 2024 to predict potential uplifts for the upcoming August bank holiday. Weather impact was assessed using linear regression analysis, examining how weather variables influenced spending during July 2024, which was then scaled to estimate the potential national impact in August.

About Reward

Founded in 2001, Reward is an industry leader transforming the world of customer engagement and commerce media. Operating in 15 countries across Europe, Middle East and Asia, Reward’s cloud-based API platform integrates content, advertising, and commerce to deliver exceptional experiences for consumers resulting in increased customer engagement, retention, and overall satisfaction. Beyond bridging the gap between content and commerce, Reward is a purpose driven business. Their mission is to make everyday spending more rewarding. During the last 5 years, Reward has proudly given back more than $1billion in cashback rewards to consumers world-wide.

For more information, please visit www.rewardinsight.com.

About Experian

Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software. We also assist millions of people to realise their financial goals and help them to save time and money.

We operate across a range of markets, from financial services to healthcare, automotive, agrifinance, insurance, and many more industry segments.

We invest in talented people and new advanced technologies to unlock the power of data and innovate. As a FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 22,500 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at experianplc.com.

Media Contact:

Experian:
Gerry Tschopp
Head of Global External Communications
+1 714 830 7756
+1 949 677 3377
gerry.tschopp@experian.com

Reward:
Public Relations
Alice Ford
Alice.Ford@rewardinsight.com

SOURCE: Experian