Worldplay predicts imminent bank holiday spending spree

by | May 26, 2017 | News | 0 comments

Retailers are braced for a spending spree this weekend as the weaker pound prompts a bank holiday staycation boom.

But they will face competition from pubs, restaurants and tourist attractions across the UK in the battle for spend.

Payments processor Worldpay estimates that ?3bn will be spent at high street businesses during the long weekend as Brits splash their cash closer to home.

During the early may bank holiday, in-store card transactions climbed 7% compared to the same three-day period the previous year, according to Worldpay data.

The company said the ?strong growth? recorded during that weekend was an ?encouraging sign? that trade in the upcoming bank holiday would be ?even brisker.?

During the earlier May bank holiday, Worldpay estimates that spending in pubs rocketed 25% compared to the average over a long weekend.

Restaurants saw their taking jump 21%, while tourist attractions and hotels raked in 35% and 17% more spend respectively.

Worldpay said retailers expected to benefit most from the uplift in spend are DIY specialists and garden centres, who enjoyed 6% and 25% increases in sales during the first May bank holiday.

Worldpay?s James Frost said: ?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.

?The current weakness of the pound means more Brits are choosing a staycation instead of heading abroad, while foreign tourists are making the most of cheaper prices by flocking to destinations from Edinburgh to Cornwall.

?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.?

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