BID Updates - Press Releases

A BID for growth: Report shows continued quarterly growth for three Bristol areas

28/02/2024

BID Lead

It’s official – Bristol businesses continued to deliver exceptional performance in the all important ‘golden quarter’ between October and December 2023. Data insight experts, Movement Strategies, have reviewed footfall, visitor demographics and quarterly spend in BS1, BS2 and BS8 and spend and footfall are both on the up.

October – December 2023 saw  growth  for businesses in the area, with significant increases in both revenue and visitor numbers, giving the city a  boost as it moved into the winter months.

Read on to see more on the growth Bristol has seen between October to December

Retail and hospitality venues across the three areas saw a huge £149M spend in Q4 across all merchants. This is an 8% increase on Visa spend year on year, showing that Bristol’s shoppers and diners enthusiasm for local businesses continues to grow.

Retail and leisure high street, Park Street, in particular fared well , seeing a 20% increase in footfall as visitors made the most of the vintage shops, cafes and bars on the hill. 532,000 people visited the area between October and December to enjoy some pre-Christmas spending in their favourite businesses.

Hospitality triumphed in the centre of Bristol, where over £40M was spent in the many bars, restaurants and cafes – a staggering £5M increase on the same time last year.  Of the £40M spent, £20.1M can be attributed to spending between 6pm and 6am in our cities nighttime venues, an increase of £3.7m on last year.    While it’s no surprise people enjoyed eating and drinking out in the run-up to Christmas, the increase shows the longevity of venues in spite of a challenging economic climate.

Bristolians are known for their love of shopping local, and Q4 proved no exception, with more than 60% of the total spend coming from people living within 10km of the city centre. From further afield, visitors to Bristol from the USA spent more than £1.7M in the city centre – an impressive increase of 59% compared to last year. Visitors from Mainland China followed closely behind, spending £1.1M.

The predominant visitor to the area in Q4 was the 18-34 year old demographic, inferring that students and younger people are still spending in local businesses, despite the ever-growing online opportunities for shopping. This should give confidence to both existing businesses – as well as those that are about to open their doors for the first time – that there is still a growing appetite for the in store experience that Bristol businesses do so well.

For more information or if you would like to receive our new monthly insights report, get in touch with the team. You can also take a look at our latest footfall tracker, which is updated on a weekly basis for the most up to date information.

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