Coastal Tourism Business Survey 2024 results

Coastal Tourism Business Survey 2024 Summer Wave
Survey live between 24th May – 30th June 2024

This wave reflects on performance since the start of 2024 and looking forward to summer 2024

Download the results here

Key Headlines

• More than half of businesses (53%) said that 2024 turnover to date was worse than the same period in 2023 – just 16% of businesses said that so far 2024 had been better than 2023.
• Confidence has decreased since the previous wave – with just 43% of businesses at least somewhat confident about the next 6 months of trading and 37% not confident.
• Forward bookings for the summer have improved over the previous wave but remain behind the same period last year.
• Businesses continue to see consumers booking much closer to departure, that consumers are looking for deals and that overall spend is lower.
• The key external factors influencing businesses are the economic climate (73%) and the impact of poor and unpredictable weather is now the second highest external influence at 71%.
• In response to the challenges facing businesses 51% of businesses are increasing their prices in 2024, 31% are cutting costs by closing for more of the year or on certain days of the week or reducing their service offer, 37% are delaying investment and 19% are planning to reduce staff.
• There is continued strong support for a reduction in VAT for hospitality and tourism (61%) and support for energy costs (54%). 48% would like to see greater investment in destination marketing
• UK overnight visitors are still the key priority market for the next 12 months with 82% treating them as high priority. There is a continued growth in priority for both European and other International visitors.
• Interest is high in growing the following markets – walkers (66%), nature and wildlife (63%) and cycling (56%).

___________________________

Coastal Tourism Business Survey 2024 Spring Wave
Survey live between 25th February – 28th March 2024

This wave reflects on performance over the previous year (2023) and forward to plans for 2024.

Download the results here

Key Headlines

• Over a third (37%) of businesses said that 2023 turnover was better than 2022 – which is positive news considering the previous wave had highlighted how poor the summer period had been. 31% of businesses though said that turnover was worse in 2023 than 2022.
• Confidence has increased since the previous wave – with 57% of businesses at least somewhat confident about the next 6 months of trading and 25% not confident.
• Forward bookings are low across all seasons and lower than the same point last year. Only 8% of businesses have sold the majority of their summer 2024 capacity.
• Businesses continue to see consumers booking much closer to departure, that consumers are looking for deals and that overall spend is lower.
• The top business priority continues to be reducing costs (95% of businesses) followed by increasing year-round business (87%) and improving sustainability (78%).
• A slight change in the factors influencing businesses sees the economic climate as the most influential factor (76%) and a slight decrease in the impact of energy costs, though still high at 68%. However, the cost of insurance premiums (42%) and the cost of finance (31%) have risen to now be included in the top 10 external factors influencing businesses.
• In response to the challenges facing businesses - 57% of businesses are increasing their prices in 2024, 31% are cutting costs by closing for more of the year or on certain days of the week or reducing their service offer, 39% are delaying investment and 18% are planning to reduce staff.
• There is continued strong support for a reduction in VAT for hospitality and tourism (61%) and support for energy costs (60%). An increasing 53% would like to see greater investment in destination marketing – this is up +4pts on the previous wave
• UK overnight visitors are still the key priority market for the next 12 months with 88% treating them as high priority. There is a continued growth in priority for both European and other International visitors.
• Interest is high in growing the following markets – walkers (75%), nature and wildlife (66%) and cycling (56%