Leisure activities account for £1 in every £5 spent in this country, according to recent industry figures.
The importance of this in our daily lives is highlighted in the Expenditure Survey report by Savills, which revealed that the typical household now spends 22% of its weekly outgoings on leisure, compared to 14% on housing. Furthermore, the rate of growth in spending on leisure services has continued to grow faster than on other items (+7.8% in 2016 compared to +4% on all items).
This expansion is now starting to encroach on the retail sector. Global Data has recently forecast that the total leisure space within regional shopping centres is now set to grow by 6.1% over the next five years (2017-2022), which far outstrips the growth of retail space. Check out our previous blog post for more on how the lines between these two sectors are becoming increasingly blurred.
One of the key drivers of this continued growth has been the trend for competitive socialising. Often based around competing over up-to-date versions of classic games in a bar setting, this trend has seen exponential growth across the UK, as newcomers such as Ghetto Golf and Bounce appear across different cities.
However, the success of this trend is skewed more towards the millennial demographic, with this particular consumer group recorded to spend over £419million each month on live experiences.
Competitive socialising is certainly one to watch for our Retail and Leisure clients!