Industry Analysis & Industry Trends
The music has stopped for many nightclubs during the past five years. Legislation that has extended licensing hours for other drinking establishments and banned smoking indoors in public buildings have removed the industry's main competitive advantage. Late-night revellers once had to go to nightclubs, but they can now stay at a pub or bar and enjoy a wider selection of drinks, cheaper prices and a more relaxed atmosphere.
Nightclubs have also come under pressure from the economic downturn, which has made clubbing unaffordable for many. On top of this, soaring youth unemployment and rising university tuition fees have hit the industry's core demographic hard... purchase to read more
Industry Report - Industry Analysis Chapter
The Nightclubs industry has performed poorly over the past five years. Regulatory changes introduced in the 2000s allowed pubs and bars to operate beyond 11.00 pm and removed the monopoly that nightclubs had on late-night drinking. The introduction of a smoking ban and heavy supermarket discounting on alcohol have hurt industry operators because patrons have spent less time in clubs and purchased fewer drinks. Tough economic conditions have further constrained the already embattled industry, as those aged between 18 and 24 years have been suffering disproportionately from high unemployment, falling disposable incomes and rising tuition fees. Industry revenue is estimated to decline at a compound annual rate of 4.7% to £2.4 billion over the five years through 2014-15... purchase to read more