Sirius Bulletin - 14th February 2022
This bulletin provides a summary of topical news, announcements and policy developments affecting business across the UK.
Restaurants
Market to recover to near 2019 levels
The restaurant sector is expected to recover 94% of its 2019 value in 2022. According to the UK Restaurant Market Report from Lumina Intelligence, the sector is predicted to reach a value of £17.8 billion in 2022, an increase of 59% on 2021.
Read more about the report at: www.nrica-insight.com/analysis-and-insight/restaurant-market-to-recover-to-near-2019-levels/664343.article
Travel
Increase in summer holiday bookings
Tui has revealed that holiday bookings for summer 2022 are nearly a fifth higher than before the pandemic. A rise in long-haul trips to the Caribbean and Cape Verde due to less strict Covid rules has helped increase bookings.
Read more about the growth at: www.theguardian.com/business/2022/feb/08/uk-summer-holiday-bookings-covid-tui-covid-rules?
Car maintenance
Servicing revenue to fall
The decline in new car sales over the last three years is set to have a significant impact on aftersales services. Over the next four years car servicing revenue is predicted to fall by £1 .3 billion.
Read more about the prediction at: www.nnotorfinanceonline.com/news/dealers-aftersales-revenue-loss-2022
Night time economy
Operating costs increase by a quarter
Nightlife businesses have seen a 26% rise in their total operating costs in the last year. According to a survey by the Night Time Industries Association in 2021, on average businesses operated at 68.9% of their pre-pandemic trading levels.
Read more about the survey at: https://accessaa.co.uk/night-time-economy-businesses-see-costs-rise-26/
Commercial vehicles
Home deliveries increase demand
UK commercial vehicle production grew by 11.3% in 2021. Growth was largely driven by an increase in sales of vans due to a rise in home deliveries.
Read more about the increase at: www.alphabet.conn/en-gb/auto-digest/uk-cv-manufacturing-recovering-home-delivery-boom-drives-demand
Retail
New grocery store will not sell junk food
Tesco is opening its first store selling only healthy food, with no foods high in fat, salt or sugar available. It is also rolling out ‘under 100 calories’ sections in existing stores ahead of a legal ban on promotions of foods high in fat, salt or sugar which will be introduced later this year.
Read more about the stores at: www.grocerygazette.co.uk/2022/02/07/tesco-to-ban-junk-food-hfss/?
Farming
Lump sum exit payment confirmed
Farmers who wish to leave the industry will be supported by a new payment scheme. The Lump Sum Exit Scheme is due to open in April 2022 and the payment will be based on the average direct payments made to the farmer from 2019 to 2021.
Read more about the scheme at: www.gov.uk/government/news/government-commits-to-support-farmers-who-wish-to-leave-the-industry
Sustainability
Greenest supermarkets revealed
Lidl and Waitrose are the greenest supermarkets, research by Which? has found. Lidl scored highly for its low greenhouse gas emissions and targets, while Waitrose did consistently well across plastic use and food waste.
Read more about the research at: www.which.co.uk/news/2022/02/which-reveals-the-greenest-supermarkets/?
DISCLAIMER While all reasonable efforts have been made, the publisher makes no warranties that this information is accurate and up-to-date.