With temperatures set to soar this June and big attendance events like festivals due to begin punctuating the summer months, we return with a new theme – how events impact upon businesses and the economy in the UK.
We’ll be bringing you blog posts on topics such as:
– The rise of the eco-friendly festival
– Trade shows & why small business owners should go
– Wimbledon: helping lead the way in closing the pay gap
– The holiday season and impact upon local businesses
The summer is all about going outside and enjoying those traditionally fleeting rays of UK sunshine while you can! Typically, people flock to events such as festivals, barbeques and tend to hit the high streets, restaurants and bars when the sun has got his hat on.
But as the seasons change, so does customer behaviour with certain industries likely to benefit greatly from hot weather and the subsequent activities people want to get involved in.
Companies in other industries may instead feel the heat financially if the summer weather persists longer than anticipated (as we saw with the seemingly-never-ending heatwaves in 2018!).
Seasonality is not a new concept to businesses however as climate change makes predicting the weather (and therefore consumer behaviour) trickier, this may well drive businesses to make provisions should an unfavourable meteorological outcome be on the cards.
Take energy companies for example – should the hot weather begin earlier and last longer, then people will use less energy heating their homes for more of the year and therefore reduce spend in this area. This would have huge ramifications on energy companies and affect long term planning.
So, whilst some companies may be praying for a long, warm summer to drive people outdoors to festivals and events of the like, others may instead be practicing their rain-dances to ward off the financial uncertainty that seasonal unpredictability and change can see.