A Growing Sector
Leisure is a growing sector in the UK and global economy. A sector that is being driven by strong economic and social fundamentals that is now recovering strongly from the Covid pandemic.
Expenditure in leisure is increasingly important to modern consumers and has grown faster than total consumer spending since 2002. Leisure has outperformed general consumer spending across previous recessions in the 1970s, 80s, 90s and in the 2008/2009 period proving it’s robust nature.
Participation is high with the average UK consumer eating out over 6 times a month and nearly 10 times for the 25-34 age group (Horizons Quickbite Survey). 1 in 7 people in the UK are members of a gym. 30% of the UK population go to the cinema at least once a month.
Leisure spend is forecast to continue growing. Leisure benefits from increased consumer time being devoted to leisure, stronger tourism into the UK and the rise of a larger proportion of time-rich retirees as long-term growth factors.