Discover the Pulse of the UK’s Night Time Economy: Insights from the NTIA Night Time Economy Report 2024

In an era where the vibrancy and sustainability of the night Time economy (NTE) are more critical than ever, the NTIA's latest Night-time Economy Report 2024 emerges as a beacon of insight and advocacy. This pivotal third iteration of the study is not just a compilation of data; it's a comprehensive analysis designed to champion the significance of the NTE and its indispensable role within the UK's broader economic framework.

The Night Time Industries Association (NTIA) today releases its third annual Night-time Economy Report, highlighting the intricate dynamics and challenges facing the UK’s vibrant nocturnal landscape. Spearheaded by Michael Kill, CEO of the NTIA, the report underscores the critical role of the Night-time Cultural Economy (NTCE) while shedding light on the sector’s journey through the pandemic and beyond.

Summary of Key Findings:

The report reveals a mixed picture of the UK Night-time Economy (NTE), where resilience battles against ongoing challenges:

Volume & Value of the UK NTE:

  • Consumer spend in the UK Night-time Economy was £136.5bn in 2022, up from £95.7bn in 2021, showing a strong post-Covid desire to socialise.
  • Adjusted for inflation, there has been no real growth in turnover over the last three years, despite the significant rise from £121.3bn in 2019.
  • Due to the pandemic and inflation, the UK NTE has lost approximately £95bn, impacting investments in customer experiences, marketing, programming, and sector resilience.
  • In 2022, £117bn was spent in England, £10.3bn in Scotland, £5.9bn in Wales, and £3.3bn in Northern Ireland within the NTE.
  • The UK Night-time Cultural Economy was worth £33.3bn in 2022, up from £23.8bn in 2021, but down from £37.2bn in 2019, indicating a 36% reduction in absolute terms.
  • The closure of underground clubs, grassroots music venues, and arts centres reflects the significant decline in the cultural economy.

Employment & Business Growth:

  • Employment in the UK Night Time Economy (NTE) was 2.08 million in 2022.
  • Within the NTE, the Night Time Cultural Economy (NTCE) sustains approximately 452,000 jobs.
  • Employment has grown year-on-year in the NTE, except for 2020, surpassing 2019 levels by about 6%.
  • Distribution of NTE jobs: Northern Ireland (40,000), England (1.83 million), Scotland (137,000), Wales (72,000).
  • Total NTE businesses in the UK: approximately 149,000.
  • Total NTCE businesses in the UK: around 36,000.
  • Distribution of NTE firms: Scotland (12,600), Wales (4,800), Northern Ireland (2,735), England (130,000).
  • Firm numbers in the UK NTE have been growing slowly.

Gross Value Added

  • GVA generated by the UK’s Night Time Economy (NTE) sector was £43.5 billion in 2022, falling below the £47.5 billion recorded in 2019, especially when adjusted for inflation.
  • This suggests that although the NTE sub-sector might seem to have recovered in 2022 in terms of consumer spending increases, its underlying fundamentals such as productivity and profitability remain constrained, indicating a sector that is still struggling.

Supply Chain

  • Supply chain spending in the UK’s NTE (Night Time Economy) is crucial for supporting a multitude of specialist suppliers and freelancers.
  • However, post-pandemic, spending on suppliers in the UK NTE has not returned to pre-pandemic levels.
  • In 2019, spending on suppliers amounted to £57.8 billion, but by 2022, it decreased to £45.2 billion.
  • This reduction in supply chain purchasing serves as a significant indicator of a sector attempting to cut costs.
  • Despite a positive increase in consumer spending in 2022, it’s likely that much of this money was redirected towards repaying loans and rental back payments.

Future Trends in the NTE:

  • Shift towards experience-led socialising emphasised across various venues and art forms
  • Experience and setting now crucial factors in socialising preferences
  • Experiential activities now closely intertwined with social media, influencing younger audience choices
  • Generation gap evident in preferences; younger demographics challenging traditional socialising models
  • Artistic excellence alone insufficient to attract audiences; cultural venues facing challenges
  • Technology playing a significant role in shaping and consuming nighttime experiences

Download the Report Now:

Don’t miss out on the opportunity to explore comprehensive insights and forward-looking analysis. Download the NTIA Night-time Economy Report 2024 today and be part of shaping a brighter future for the UK’s night-time economy. Together, we can ensure that the night-time economy remains a cornerstone of cultural vibrancy and economic prosperity.

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