The hospitality and leisure (H&L) sector has been hit hard by corporate insolvency in the 12 months reading to September 2012, especially in comparison to the same period over the previous year.
That is according to new research from PwC, who found that the industry is currently one of the worst off in terms of economic performance.
For example, there were 1,464 insolvencies in H&L over the last year, compared to 1,304 over the previous year. The severity of the issue varied between different sector industries; bar insolvencies, as an example, hit 100 insolvencies in Q1 2012, compared to 73 in 2010.
However, there was some good news, as H&L insolvencies in Q3 2012 were actually 15 per cent down compared to the previous quarter and 11 per cent compared to Q3 2011.
David Chubb, PwC business recovery partner and hospitality and leisure specialist, even maintained that pubs and restaurants have "had a good quarter in the fight against the recession".
"They continue to combat drops in discretionary spend by enticing consumers with promotions like set menu vouchers, happy hours, and multi-buy deals.
"However, there are signs that consumers are now expecting this and are farming the offers without spending on additional courses or drinks which the promotion was priced to entice.
"Consequently, operators are now having to consider the economics of the special offer strategy," he concluded.
Mr Chubbs went on to note that the recession has seen "both winners and losers" in the pub sector, with economic resilience varying from business to business. It remains to be seen what kind of an effect the oncoming festive period will have on the industry, as many companies in the H&L sector will be looking to profit from the Christmas period.
Other areas which the PwC research found to be having vulnerable to insolvencies included construction (631 insolvencies), manufacturing (329 insolvencies) and real estate (139 insolvencies).
One sector which seems to be thriving despite the economic doom and gloom is that of digital marketing, as in a separate study PwC noted that advertising online and through mobile phones has increased by 12.6 per cent to hit a six-month high of £2.59 billion in the first half of 2012.
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