Research out from Square reveals it’s not just the weather heating up this summer, but domestic tourism too, as half of Brits plan staycations in the UK this year. The report reveals that the weaker pound and the uncertainty of Brexit are luring holiday-makers to destinations across the UK, presenting an opportunity for Britain’s small businesses to boost sales during the summer months.
The average British ‘staycationer’ plans to allocate £334.77 for spending money (outside of accommodation and transport) on their UK holidays, resulting in a potential £5.3 billion worth of cash for the UK economy and Britain’s tourism businesses.
The staycation boom can be attributed to consumer concerns about Brexit (39%), the high cost of foreign travel (25%), the value of the pound (18%), and worries over security abroad (14%). A quarter of respondents (25%) simply prefer to holiday in the UK.
Convenience is key this summer, with an overwhelming 93% of consumers expecting to pay by card at their holiday destination. Despite this a massive 3 million small businesses across the nation remain cash-only.
Research also shows that 66% of SMEs remain confident about the current business environment compared to 61% of those polled at the beginning of 2017, demonstrating a rise in positivity despite the ongoing saga of Brexit. 62% of these small businesses say they’re ready to adapt and 60% feel better equipped to deal with Brexit than their bigger business counterparts. The future also looks bright with over half (52%) saying they have aspirations to grow their revenues over the next three years.
One seasonal business benefiting from the influx of staycationers is the quirky Margate beachfront cafe on wheels, The Bus Cafe. Jodie, owner of The Bus Cafe says, “We experimented with other payment systems but found all the other options just weren’t geared up for what we needed. Since signing up, the process of managing orders has been completely streamlined. The Square app is fully integrated with our kitchen and as a result, waiting times for our customers have been dramatically reduced by more than half. It’s completely transformed our business.”
Helen Prowse, a spokesperson for Square, said: “Staycation spending is set to provide a much-needed boost for the nation’s seasonal businesses this year. With 93% of holiday shoppers expecting to pay by card, now’s the time for business owners to jump on board. Whether you’re driving a taxi, renting out a room, hiring out deckchairs, running a beach bar or selling ice cream, by setting yourself up with a mobile payments technology like Square you can accept card payments quickly and affordably, wherever you are.”