Payment processor predicts £3 billion local business boom over May Bank Holiday due to the Brexit vote.
New data from Worldpay reveals that in post-Brexit Britain, where foreign travel is increasingly costly, local trips and staycations have become increasingly popular.
Worldpay’s analysis of transaction data during the spring Bank Holiday in 2016 shows spending in pubs and restaurants had increased by compared to average over the long weekend.
Restaurants saw an increased spend of 21% on the average from 2015 while pubs reached a 25% growth.
The regions that can expect to see the greatest benefit from the bank holiday boom are vacation favourites Cornwall, Brighton and Edinburgh, where in 2016 overall spending increased by 11%, 6% and 5% respectively.
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.