Hospitality giants saw a robust 5.2% surge in sales throughout the month of March.

by XPRESS, 22 April 2024

The latest CGA RSM Hospitality Business Tracker report reveals a 5.2% uptick in sales for Britain's top hospitality groups in March 2024, marking a significant turnaround from a lacklustre start to the year.

This growth is attributed to various factors, including the impact of an early Easter and holidays falling within March this year, compared to April in 2023.

Managed pubs saw a notable surge, with like-for-like sales climbing by a sturdy 7.2% during this period. However, restaurants experienced milder growth at 3.4%, while the on-the-go segment faced a decline of 5.2%.

Despite a slight 0.5% dip in bar sales for March, this figure reflects progress compared to the substantial drops of 13.6% and 7.4% earlier in the year.

Sales growth was stronger outside London (up by 5.7%) compared to within the city (up by 4.0%) across restaurant, pub, and bar sectors.

Karl Chessell, a director at CGA by NIQ, expresses optimism about consumer enthusiasm for celebrating holidays and special occasions in hospitality venues, despite economic challenges.

Decreasing inflation rates and falling energy prices have spurred renewed consumer optimism, potentially boosting their inclination to dine out, visit pubs, or frequent bars throughout 2024. This positive trend could significantly aid

the recovery and expansion of the hospitality sector.

The notable 5.2% sales growth achieved by Britain's leading hospitality firms in March 2024 is a significant milestone, marking considerable progress after a sluggish start to the year.

While March's sales growth offers promising prospects for the hospitality industry, sustained real-term growth may require more time to materialise.