Coastal Tourism Business Survey 2024 results

Coastal Tourism Business Survey 2024 results

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

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