Nightlife contributes £112 billion to UK economy annually, new report reveals
The report claims that the nightlife economy is the “most undervalued asset class in culture”
A new report from The Nighttime Foundation shows that nightlife contributes £112 billion to the UK economy annually – around 5% of UK GDP.
The inaugural Night Time Economy Report aims to “shift how the world understands, values, and invests in life after dark”, calling nightlife culture “one of the most underestimated drivers of urban vitality”.
The report notes that the night time economy contributes around 3% to global GDP, and generates around 3 to 4 trillion USD annually.
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The report found that the night time economy contributes around 3% to global GDP, and generates around 3 to 4 trillion USD annually; in the UK alone, it employs one in 10 people, supporting “hundreds of thousands of jobs across hospitality, logistics, and the creative sector."
According to The Nighttime Foundation' research, rising costs mean venues are operating on “razor-thin margins”, with the average profit for grassroots music venues sitting at around 0.5%. Meanwhile, London’s grassroots music venues saw rent increase by 37.5% between 2022 and 2023.
51% of young adults also said they prefer to go on a night out as their primary social activity, but said the lack of safe transport at night is a “significant barrier”. The report found that 74% of women worry about their safety at night time.
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“The NTER report brings together original research, international data, investor perspectives, and case studies from cities worldwide,” reads an Instagram post from The Nighttime Foundation.
“Its key ambition is to better connect the investment community with night-time economies - positioning nightlife as an emerging economic frontier across real estate, hospitality, creative enterprise, mobility, safety technologies, and community-led development.”
Read the full Night Time Economy Report here.
Gemma Ross is Mixmag's Associate Digital Editor, follow her on X