The night time economy has seen a 5% decline in independent businesses between 2022 and 2023, according to figures from CGA by NIQ.
The Night Time Industries Association has highlighted there were 35,469 independent night time economy businesses operating in September 2023, a sharp decreased from 41,596 in 2020.
Independent night time businesses are vanishing at a rate of 35 businesses per week, with 1,825 lost in the 12 months leading to September 2023.
The decline, beginning in 2020, has continued at “an alarming pace,” with the total number of outlets in the night time economy decreasing from 70,826 in September 2022 to 68,583 in September 2023.
Michael Kill, CEO, NTIA, said: “These figures are not just numbers; they represent the livelihoods, dreams, and cultural heritage of our communities. The night time economy, which includes a thriving ecosystem of independent businesses, has been disproportionately affected by the pandemic and cost inflation. The decline in independent businesses is a stark indicator of the immense challenges faced by those who contribute to the vibrancy and soul of our night time culture.
“We urgently call upon the government to recognise the gravity of the situation. As we approach the autumn budget, we implore them to provide proportionate support that will safeguard the future of these independent businesses. The night time economy is an essential part of our national identity, and it is at risk of fading into the shadows without immediate intervention.
“To secure the survival of these vital businesses, we urge the government to extend the current business rates relief and reduce the VAT to 12.5%. These measures are the financial lifelines that independent businesses and the night time economy desperately need to weather this storm.”
