What are the findings of The Night Time Economy Report 2024
The third in it’s series, the Night Time Economy report is invaluable intelligence, a useful aid for NTA members and partners who are advocating for essential support.
As we delve into the pages of the NTIA Night-time Economy Report 2024, we are met with a comprehensive analysis of the health and welfare of the UK’s nighttime economy. The report’s findings focus on the effect of inflation, the consumer spending surge, the demand and the challenges that persist. The report also analyses future trends and how the experience-led trend will reshape the nocturnal landscape.
For the first time, this year’s report ventures beyond overarching figures, delving into a nuanced breakdown across the four nations of the UK. The report equips policymakers across Cardiff, Belfast, Edinburgh, and Westminster with vital insights to drive informed decision-making and advocate for robust support.
Amidst the gloom that shrouds the industry, this report serves as a beacon of hope. With each statistic, it reaffirms the sector’s undeniable contributions, both economically and culturally, but also confirms how in-need the sector is for support.
Read the Night Time Economy Report 2024 here
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Summary of the Night Time Economy Report 2024
Here are some of our key takes from the report:
- The consumer spend increase is real – Consumer spend in the UK Night-time Economy was £136.5billion in 2022, up from £95.7billion in 2021.
- However despite this, because of inflation, there was no growth in turnover.
- The UK Night-time Cultural Economy is now worth less. It was £33.3 billion in 2022, down from £37.2 billion in 2019.
- The closure of underground clubs, grassroots music venues, and arts centres reflects the significant decline.
- The distribution of NTE firms includes: Scotland (12,600), Wales (4,800), Northern Ireland (2,735), England (130,000).
- Employment has grown year-on-year in the NTE, except for 2020.
- Spending on suppliers has decreased.
Future trends identified by the NTIA include:
- Shift towards experience-led socialising emphasised across various venues and art forms
- Experience and setting now crucial factors in socialising preferences
- Experiential activities now closely intertwined with social media, influencing younger audience choices
- Generation gap evident in preferences; younger demographics challenging traditional socialising models
- Artistic excellence alone insufficient to attract audiences; cultural venues facing challenges
- Technology playing a significant role in shaping and consuming nighttime experiences