🍺 Is This The End Of The British Pub?

📰 Industry News

• Second-hand marketplace Vinted has launched a new electronics category on its app, adding to its main category of second-hand clothing. (RetailWeek)

• Shares in Rightmove, the online property portal, have risen sharply on confirmation of bid interest from an Australian rival majority-owned by Rupert Murdoch's News Corp. (Sky News)

• eBay is reducing the number of free listings for private sellers, from 1,000 items per month to 300 from 1st October 2024. After 300 listings, users will be charged 35p for each new listing. (eCommerceBytes)

• ASOS has sold a majority stake in Topshop for £135m in a deal that will help it repay debts. Could we see Topshop return as a high-street staple? (The Guardian)

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🍺 Is This The End Of The British Pub?

Pubs, once the heart of British communities are increasingly closing their doors. The trend is alarming, with 239 pubs shuttering in England and Wales during the first quarter of 2024 alone, a 56% increase compared to the same period last year according to Sky News, driven by multiple factors that have created a "perfect storm" for the industry.

Why Are Pubs In Decline?

• Changing Social Habits: Younger generations are drinking less alcohol, influenced by a growing health consciousness and the financial pressures of university life. This shift has led to a noticeable reduction in traditional pub-going habits.

• Economic Pressures: The cost of living crisis, skyrocketing rents, and mortgage rates are squeezing disposable incomes, leading people to cut back on pub visits. Additionally, rising costs for food, alcohol, and energy have pushed many pubs to the brink of financial viability.

• Increased Competition: The expansion of alternative venues and the ease of home entertainment, particularly since the COVID-19 pandemic, have diverted customers from traditional pubs. Supermarkets also offer cheaper alcohol, making home drinking more appealing.

• Potential Smoking Ban: To add to these pressures, the Prime Minister is considering a new outdoor smoking ban in places like pub gardens. While aimed at reducing preventable deaths from tobacco use, publicans are concerned this could drive even more customers away.

A Challenging Few Years for Hospitality

The past few years have been incredibly tough for the hospitality sector. Pubs have faced a relentless series of challenges, from the pandemic to the energy crisis and inflation. Many publicans, exhausted and financially stretched, are finding it harder than ever to stay afloat. The combination of reduced customer spending, increased operational costs, and a shift in social habits has left many questioning the future of the British pub.

As the situation grows more dire, the need for external support becomes ever more critical. Without intervention, the closures will continue, eroding a vital part of the UK's social fabric. The last four years have tested the resilience of pubs like never before, and the fight to keep these institutions alive is far from over.

🎤 How The Oasis Reunion Will Boost UK Economy

As Oasis gears up for its highly anticipated reunion tour, the financial impact is expected to be immense. The legendary Britpop band's return will not only fulfil the dreams of millions of fans but also bring a significant boost to the UK’s live music scene and the wider economy.

The Centre for Economic Business Research (CEBR) predicts that Oasis' tour will inject £487 million into the economy, thanks to fan spending on travel, accommodation, and more. Here’s what you need to know:

1. Fan Spending & Economic Impact:

   • The CEBR estimates that each fan attending the Oasis reunion tour will spend around £406, contributing to a total boost of £487 million. This figure includes tickets, travel, hotels, and merchandise. Fans are set to spend £175 million on tickets, £71 million on travel, and £73 million on hotels.

   • The spending will vary across different cities, with Wembley shows expected to generate £187 million, Manchester shows contributing £161.2 million, and Edinburgh raking in £79 million.

   • The tour's financial impact extends beyond ticket sales. With ticket prices ranging from £65 to £250, music magazine Billboard estimates that the band could gross around £200 million from ticket sales alone. When considering VIP packages, merchandise, and other revenue streams, total earnings could easily double.

2. Revitalising the Live Music Sector:

   • The Oasis reunion is poised to provide a much-needed boost to the UK’s struggling grassroots music venues. These smaller venues, where Oasis first made their mark, have been closing at an alarming rate. Industry leaders are hoping that the excitement surrounding the reunion will help draw attention to these venues and strengthen support for the grassroots music sector.

   • The band’s return is also seen as a catalyst for more broadly reviving interest in live music. High-profile events like this can drive attendance not just at massive stadiums but also at smaller, independent venues across the country.

3. Comparison with Taylor Swift’s Eras Tour:

   • While Oasis’ comeback is expected to generate significant economic benefits, the projected impact is still dwarfed by Taylor Swift’s UK leg of her "Eras Tour." Swifties are estimated to have spent an average of £848 per person, boosting the UK economy by nearly £1 billion. Although Oasis fans might not match those spending figures, the reunion is still poised to be one of the largest financial events in the UK's music sector.

The Oasis reunion tour is going to be a significant moment next year to boost spending and the economy. With the potential to generate millions in revenue and reinvigorate the live music scene, this tour will all benefit the treasuries pocket too, which will take a cut of the spending on taxes such as VAT, corporation tax and more on the back of the event. As the UK faces ongoing economic challenges, the return of Oasis offers a welcome boost.

🚗 Electric Car Sales Stalling: What It Means for the UK's EV Targets

The UK’s journey toward a fully electric future seems to be hitting a few speed bumps, with electric vehicle (EV) sales stalling and demand for electric vans declining. Despite efforts to transition toward zero-emission vehicles (ZEVs), new data from the British Vehicle Rental and Leasing Association (BVRLA) paints a concerning picture for manufacturers and policymakers alike.

Key Data and Insights

• Price Gaps Remain: While the average cost of new EVs has fallen to £49,165, they remain 31% more expensive than internal combustion engine (ICE) vehicles. This price gap is discouraging personal buyers despite discounts from manufacturers.

• ZEV Mandate Impact: Six months into the ZEV mandate, business leasing remains a strong player in supporting manufacturers. However, personal leasing has declined slightly, and rental demand is weak due to concerns over vehicle range and charging infrastructure.

• Electric Van Struggles: The electric van market is particularly challenging, with a year-to-date market share of just 4.7%, down from 5.2% in 2023. Leasing figures show a 5.1% drop in BEV van demand in the first half of 2024, highlighting industry concerns.

• Used EV Market in Crisis: EV resale prices have dropped for 21 consecutive months, with values plummeting 51% since September 2022. Despite this, many affordable used ZEV options remain scarce, making the second-hand market less accessible for budget-conscious buyers.

• Volvo and Industry Adjustments: Amid a slowdown in EV demand, manufacturers like Volvo have scaled back on their 2030 all-electric targets. Volvo now expects only 90% of its output to be fully electric by 2030, with the remainder comprising hybrids.

The Road to 2030: What It Means

These trends suggest a turbulent road ahead for the UK’s 2030 targets of eliminating petrol and diesel car sales. High EV prices, lagging van demand, and crumbling used market values signal that more aggressive intervention is required to stimulate EV adoption, particularly through more robust charging infrastructure and extended government incentives.

For manufacturers, the focus needs to shift toward affordability, with an emphasis on producing lower-cost EVs and strengthening the second-hand market. If the government can address these barriers, the 2030 goals may still be achievable - but the clock is ticking.

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