The nightlife economy has declined over the past few years since the pandemic. Alongside this, the country has experienced a high inflation rate, causing a cost-of-living crisis. This has impacted people all across the country, meaning the public have stopped spending money.
The main contributors to the nightlife economy are students. Student cities, such as Lincoln, rely on students spending their money on nights out to survive.
“I would go out 3 nights a week in first year, but its so expensive now, I can’t afford it,” said Sam Speed a second-year student at the University of Lincoln.
Bars within the city centre have become victim to the cost of living, losing profits each week.
“We’ve seen a huge decrease in numbers this past 6 months to a year and we’ve had to up our prices which have turned people away too, but we are struggling too,” Matt Tinkler-Venis, manager of Craft Bar, Lincoln.
A study by the Guardian found that 1 in 5 students were considering dropping out due to the cost-of-living crisis. With the rise of inflation, the student loan hasn’t been raised to make the rise in costs.
The price of alcohol has too been risen, with the average price of a pint in the UK being £4.39 in 2023, up from £3.95 in 2022.
What will happen to the nightlife economy? Popular club chain Pryzm announced their closure earlier this year, set to close all branches by the end of the year.
For more information see: https://www.economicsobservatory.com/how-is-the-uks-night-time-economy-coping
