The latest Night Time Economy Market Monitor indicates that while Britain's late-night licensed premises have stabilized over the past year with a 2.0% increase in numbers, significant threats loom due to rising operational costs. Bars, particularly, have shown resilience, increasing by 7.6% due to a growing demand for experience-based outings. However, overall, the sector has seen a decline of 25.1% since the onset of the COVID-19 pandemic, with rising wages and costs threatening the survival of many venues, evidenced by 40% of nightlife businesses anticipating closure without financial aid.
The latest Night Time Economy Market Monitor shows Britain's late-night venue numbers have increased 2.0% recently, but rising operating costs threaten this hard-won stability.
Over the past 12 months, bars have seen a 7.6% rise, showcasing a growing interest in experience-based nightlife despite the broader sector facing rising operational costs.
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