As spring approaches, it’s no secret that everyone eagerly awaits the Bank Holidays that break up the year; longing for a three-day weekend. These days off not only give us a break from work, but also helps us enjoy ourselves every now and then!
With the weather being non-stop rain and dreary skies recently, it’s no wonder people are looking forward to sunnier days in the garden- with two Bank Holidays next month.
When asked about the upcoming bank holidays in relation to benefitting the sector, One Stop Derbyshire Retailer Dee Sedani notes, “Not if it keeps raining! It’s causing major sales issues, this weather.”
Nisa Local Retailer Rav Garcha also tells us, “We’ve got a bit of DIY stuff in, like all in one painting kits. If the rain holds off, it should be good for plants, painting outdoors, compost, tomato bags. BBQ ready!”
With better weather on the horizon, many of us look forward to firing up the BBQ and spending time outdoors; having little gatherings or socialising within the home.
One of the main reasons Bank Holidays are very beneficial for convenience retailers is the increase in foot traffic they bring to the store. With many people having a day off from work/obligations, there is a natural inclination to venture out and explore.
Whether it’s running errands, embarking on day trips, or simply enjoying leisure time, consumers are more likely to visit their local convenience store during these extended weekends as there is more time to do so.
During Bank Holiday weekends, shop owners note a 10-30% increase in sales over bank holiday weekends depending on weather conditions, with the majority of the additional sales on the Sunday and Monday- a whopping £131.5m in additional sales per year, should it be based on averaged daily convenience industry sales!
A reason for this could be that unlike rushed weekday visits or quick after-school pick-ups, shoppers can take their time to explore the aisles, discover new products, and indulge in impulse purchases.
This relaxed shopping experience often translates into higher basket spends- customers are more inclined to add extra items to their carts when they have the time to spare.
Many may prefer to stay at home or do something local on Bank Holidays; that is where the 10-30% increase in food shopping comes in- people want to stay, eat and cook at home, all while being able to socialise and kick back with friends and family in the sunshine.
But why do we have Bank Holidays, and why are they spread out the way they are?
Bank holidays started as days off for bank workers in the 19th century. Over time, they’ve become important for celebrating our culture and history- which explains now why schools, some stores and even office workers are also able to relish in the time off.
These holidays are typically established by the government and are observed nationwide. Bank Holidays often coincide with national or cultural celebrations, historical events or religious observances; they provide people with an opportunity to rest, relax and participate in various festivities and activities.
They’re great for the economy, as they encourage people to spend money and feel little to no guilt about doing so- it’s bank holiday, after all! It’s not every day you get a random Monday off of work or school.
Since people have more free time to shop and socialise, bank holidays typically see a surge in foot traffic around these times- there is a desire in consumers to enjoy themselves on the one off-day they’d usually be working but aren’t- a little treat, almost.
Overall, Bank Holidays serve as catalysts for convenience retailers to thrive. They create opportunities for increased footfall, higher basket spends, and enhanced customer engagement.
We at C-Talk advice retailers to take advantage of this increased spending mindset by understanding the dynamics of the upcoming extended weekends, and aligning their offerings and marketing efforts in a way that best suits/caters to the local community.
