A predicted 35 independent night time businesses close every week according to figures from market researcher, CGA Powered by NielsenIQ.
The Night Time Industries Association (NTIA)-commissioned research revealed that 1,825 night time economy businesses were lost in the 12 months leading up to September 2023. Further figures from CGA Powered by NielsenIQ painted an even more distressing picture, with night time economy businesses falling from 41,596 in 2020 to 35,469 in September 2023 – including a 5% decline in the past 12 months alone.
In response, the NTIA has continued to call on the UK Government to extend business rates relief and cut VAT to 12.5% in the upcoming Autumn Budget.
“These figures are not just numbers; they represent the livelihoods, dreams, and cultural heritage of our communities,” said Michael Kill, chief executive of the NTIA.
“The night time economy, which includes a thriving ecosystem of independent businesses, has been disproportionately affected by the pandemic and cost inflation. The decline in independent businesses is a stark indicator of the immense challenges faced by those who contribute to the vibrancy and soul of our night time culture.”
It was also reported today (Tuesday) that licensed premises serving alcohol in Britain had fallen below 100,000 for the first time since records began.
Kill added: “We are running out of time, and the feeling of being disregarded is taking its toll. To ensure the survival of these businesses, the Chancellor must extend business rates relief and reduce VAT to 12.5%. This is a matter of survival, not profit.”