15 September 2016
Double digit growth for hotels in August 2016
Many hospitality businesses including hotels and restaurants experienced a double digit growth in August 2016 as consumer spending reached a 13 month high.
Latest figures from Barclaycard showed that the total consumer spending was up by 4.2 per cent compared to August last year and was also up from the 2.6 per cent increase recorded in July this year.
Travel spend grew by 3.2 per cent and experienced a three month high. This was driven by an increase of almost 15 per cent in hotel spend. Paul Lockstone, Managing Director of Barclaycard said “Consumer spending has continued to grow after the EU Referendum.”
Lockstone continues “Spending peaks in travel and hotels indicate that most consumers were firmly committed to their summer plans, and spent on trips and excursions they booked months in advance.”