Economy

Wellness-related revenue could boost hotel industry by 2023

Covid-19 could lead to £21.1bn additional wellness-related revenue for hotels and hospitality by 2023, according to Barclays Corporate Banking report.

The report explored how an increase in demand for leisure and hospitality could create a knock-on effect for the wider economy, adding a potential £11.1bn gross value.

Before lockdown, additional health and wellness options would have led to an estimated £19.3bn in the sector revenue by 2023, Barclays said.

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Before Covid-19, Barclays reported, 23% of UK consumers felt health and wellbeing was extremely important to their day-to-day lives, and increasingly more important during lockdown and government restrictions.

Crucially for UK hospitality, 22% of consumers reported plans to take more UK-based holidays over the next 12 months. The main reasons cited were that consumers felt uncomfortable travelling abroad, creating demand for hotels nationwide.

Mike Saul, head of hospitality and leisure at Barclays, said: “Hospitality and leisure businesses face uncertainty following the shut-down in March and continuing change as we adjust to a new normal but this is not a time for companies to delay investment or ignore consumer trends.

“While difficult in the short-term, firms making the right investments now, such as in health and wellness offerings, have the potential to bounce back stronger.”

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