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Read MoreVisitor Economy Business Survey Results
Visitor Economy Business Survey Results
Recently we teamed up with Visit Lincoln, Federation of Small Businesses, and the Greater Lincolnshire LEP on an Omicron Business Survey.
Visit Lincoln have now shared the analysis with the Department for Culture, Media and Sport (DCMS), Lincolnshire Members of Parliament, your councils, Visit Britain and Visit England, Tourism Alliance and UK Hospitality.
The visitor economy has been heavily impacted by the pandemic and so this data proves invaluable when asking for more financial support. By sharing the analysis, we hope you too can feel confident when meeting with councils and key stakeholders about available funding, such as the Additional Hospitality Grants (ARG) which are managed by local authorities.
For guidance on the Omicron Hospitality Grants, please click here. For more information on the Additional Hospitality Grants which are managed by local authorities, please click here.
• Thirty-nine percent of respondents are extremely worried, thirty-two percent are very worried, and twenty-eight percent are somewhat worried about the business impact of Omicron (remaining percentage formed from other answers).
• Seventy-seven percent of respondents are worried about more restrictions.
• Eighty-four percent of businesses have already been impacted by Omicron:
– 70% have been impacted by cancellations
– 70% have been impacted by reduced footfall
– 53% have been impacted by reduced consumer confidence
– 50% have been impacted by rising costs
– 46% have been impacted by cash flow
– 45% report their cashflow has been impacted
– 44% have been impacted by supply chain issues
– 41% have been impacted by needing to reassure staff
(Respondents could select multiple options)
• Based on the current outlook, thirty-three percent of respondents reported their business was quite likely to fail in 2022. Six percent reported their business was very likely to fail (remaining percentage formed from other answers).
• On average, over the past two years, turnover has been down by:
– 25% for 26% of respondents
– 50% for 34% of respondents
– 75% for 19% of respondents
– 100% for 3% of respondents
(Respondents could select multiple options)
• Since the beginning of December, turnover has been down by:
– 25% for 33% of respondents
– 50% for 25% of respondents
– 75% for 15% of respondents
(Respondents could select multiple options)
• If trade is restricted by Omicron, cash reserves are impacted as follows:
– Twenty-three percent have no cash reserves
– Twenty-five percent have 1 – 2 months cash reserves
– Twenty-two percent have 2 – 5 months cash reserves
(Respondents could select multiple options)
• If there are no support packages, the main consequences for respondents are:
– Reduced opening hours
– Making staff redundant
– Temporary closure
– Cease trading
– Making significant cost cuts
• Seventy-four percent of respondents thought they needed Government to reinstate financial support and interventions in 2022.
• The Government interventions and support packages businesses feel would help most in 2022 are:
– Additional sector specific grants (75%)
– Reintroduction of furlough (50%)
– Returning to the 5% VAT rate (49%)
– Continuation of business rate holiday (35%)
– More deferred VAT payments (15%)
– More Covid-19 loans (15%)
– Government reassurance on safety to travel (22%)
– Removing Covid-19 restrictions (25%)
(Respondents could select multiple options)
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11-11-2024
Ruddocks at 140: A celebration of history, community, and innovation
On Thursday, October 10th, Ruddocks officially launched a year-long celebration to mark an incredible 140 years in business.
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