UK high street businesses could earn £3bn over the bank holiday weekend, according to data from payments processor Worldpay.
Due to the weak pound, Worldpay predicts that British people will choose to spend their long weekend here, resulting in a boost to local businesses.
Worldpay data showed that the early May bank holiday recorded a 7% increase in card transactions compared with last year.
Retailers and hospitality business owners are suggested to benefit the most, if the strong growth from the early May bank holiday is taken into account.
In 2016, data from Worldpay showed that during the bank holiday weekend spending in pubs was up 25%. Restaurants saw an increase of 21%, tourist attractions enjoyed 35% growth and hotels saw a spending increase of 17%.
Cornwall, Brighton and Edinburgh were the regions that gained the most from the spending in 2016, with growth of 11%, 6% and 5% respectively. Worldpay suggests that these figures could climb even higher this year.
James Frost, CMO of Worldpay, said: “This is a key period for businesses which rely on seasonal peaks in traffic, and with the weather forecast looking positive – for the moment – tourist hotspots across the UK will be looking to make hay while the sun shines.
“The current weakness of the pound means more Brits are choosing a staycation instead of heading abroad, while foreign tourists are making the most of cheaper prices by flocking to destinations from Edinburgh to Cornwall.
“Savvy business owners will be doing all they can to make the most of this boom, from taking on extra staff to deploying technologies designed to speed up service at busy times.”