It has been a tough start to 2024 for 17 of Kent’s local hospitality businesses that have already had to close their doors.
The hospitality sector has been hit hard this winter with many businesses struggling, whether they are essential or luxury, feeling the squeeze of a stagnant economy.
In the midst of a cost-of-living crisis, far more pressure has been put on most hospitality businesses due to their perceived luxury status.
The impacts of the cost-of-living crisis have meant that the majority of people, not just in Kent but right across the country, have seen their disposable income shrink year on year. This has resulted in the hospitality sector enjoying fewer punters throughout the winter months.
Not only this, but historically, the trend of the hospitality sector having a slow start to the year as a whole is well documented.
January is especially difficult for the hospitality sector because of many different reasons. Whether it be that people are looking to be a bit more frugal with their spending after enjoying the Christmas period, or because of New Year resolutions that look to cut out the lavish non-essentials of life.
This is a far more natural and ever-present problem as opposed to the problems that come from the cost-of-living crisis. However, the combination of both elements are proving to be simply too much pressure for many businesses already struggling to stay afloat.
Whatever the individual circumstances may be for each of the 17 businesses that have already gone under, the fact remains the same that local British businesses are struggling to deal with the great amount of pressure that the economy is putting on them.