New data shows London’s world-leading hospitality industry and livemusic events defied all expectations in 2023

 

• London’s world-leading hospitality sector surpasses pre-pandemic levels as it grows to £46bn
• Hospitality sector in London outperforms the rest of the UK - growing on average 7.7 per cent a month, compared to 5.6 per cent nationally
• Mayor says despite ongoing challenges in the sector, the figures show a ‘phenomenal resilience in London hospitality’
• Analysis shows entertainment sector also ‘roaring back’ in 2023, with sales the most in years.
• Millions watched live music at the capital’s famous venues and festivals in 2023 with ABBA Voyage, Beyoncé and Harry Styles among those filling stadiums

 

The Mayor of London, Sadiq Khan, has welcomed new data showing London’s world-beating hospitality and music industries are leading the UK’s recovery. 

 

New figures from UKHospitality and CGA reveal London’s hospitality industry revenue grew to £46bn last year, up from £43bn in 2019, and sales outpaced the rest of the UK, growing on average 7.7 per cent a month, compared to 5.6 per cent nationally. With London’s fantastic pubs, bars and restaurants driving London’s economic recovery, the mayor said it shows the ‘phenomenal resilience in London hospitality’.

  

Separately, millions of Londoners and visitors took part in live music events in the capital’s world-renowned venues and festivals across the year as some of the industry’s biggest names performed, including Beyoncé, Harry Styles and Blur.

 

New data reveals: 

 

• Boxpark reported record sales in December 2023 with like-for-like sales up by 22 per cent on December 2022, beating sales made during the 2022 World Cup
• More than 250 new restaurants opened in London last year, a four per cent increase on 2022
• The O2 arena enjoyed a record-breaking year with more than 2.5m tickets sold to its events
• ABBA Voyage welcomed more than 1m visitors to its purpose-built East London venue adding £177million to the capital’s GVA
• BST Hyde Park welcomed 555,000 guests across its summer of activity, selling out faster than pre-pandemic
• Three of London’s biggest stadiums welcomed more than 1.2m visitors to a number of live music events. That includes more than 225,000 experiencing Beyoncé’s show over five nights at Tottenham Hotspur Stadium, Harry Styles recorded his highest UK attendance (320,000) over four nights at Wembley, and 160,000 enjoying The Weeknd at London Stadium

 

This year there will be more to look forward to with Taylor Swift, Bruce Springsteen, Liam Gallagher and Burna Boy all performing in London.

 

Dozens of exciting new restaurant, bar and pub openings are planned in the coming months, including Josephine in Chelsea, Three Sheets in Soho and England’s first ever Guinness Storehouse will open in Covent Garden.

 

Although the music and hospitality sectors continue to bounce back to full health following the pandemic, they still face a number of difficulties, with increases in rents and energy costs, and ongoing issues around migration changes impacting recruitment. Smaller and independent venues are particularly affected.

 

The Mayor continues to do all he can to support the industries and is calling on the Government to provide extra support for these venues. The Mayor is protecting venues through the most pro-culture and night time London Plan, his ground-breaking Culture and Community Spaces at Risk programme which has helped hundreds of venues to survive by providing advice and support, while his Let’s Do London campaign the biggest domestic and international tourism campaign the capital has ever seen, attracting over 850,000 additional visitors, who in turn contributed £360m to London’s economy.

 

The Mayor of London, Sadiq Khan, said: “London’s pubs, clubs, bars and restaurants are unrivalled and I’m delighted that they have helped our capital roar back from the impact of the pandemic. with figures now better than before the pandemic. It really shows the phenomenal resilience in London hospitality. The success of our world-leading hospitality sector over the last 12 months is alongside some incredible live music events that have brought huge crowds to our capital.

 

“However, we know much more still needs to be done to protect grassroots live music venues and those hospitality businesses that continue to struggle during the ongoing cost-of-living crisis and growing challenges with recruitment. We need Government to step-up and do more to appreciate the crucial cultural, economic and social value of these venues and ensure they have the support they need.”

 

Amy Lamé, London’s Night Czar, said: “From our world-leading venues, festivals and restaurants to our intimate small music stages and independent bars and pubs, London really has something for everyone when it comes to live music and hospitality. I’m delighted to see London roaring back after the pandemic, but we know some venues still have challenges. They are at the heart of our communities and provide a vital platform for aspiring artists and entrepreneurs as well as boosting our economy. I’d encourage everyone to make the most of what London has to offer this year, especially our independent venues.”

 

Kate Nicholls, UKHospitality Chief Executive, said: “These figures clearly show that hospitality, leisure and tourism remains absolutely critical to London. Our venues are somewhere that consumers, both from at home and abroad, prioritise and seek out when they visit, meaning our sector is crucial to maintaining London’s recovery and growth. I’m confident this appetite for hospitality and fantastic experiences will continue this year and that it can remain a key driving force behind growth and success in the capital.”

 

Daniel Levy, Chairman, Tottenham Hotspur, said: “Our multi-use stadium has become a premier sports, leisure and entertainment destination in London. We are delighted our wide range of events and attractions have contributed such a major boost to the London economy - contributing around £900m of gross output and an additional £478m of GVA – while providing a significant uplift to our local area, with more than 4,000 jobs created. We will not stand still – with plans for further Visitor Attractions, notably F1 DRIVE - London, new homes, a new creative quarter and a hotel in the years to come, this area that we are so passionate about will continue to benefit from the Club’s investment.”

 

Graham Gilmore, CEO of London Stadium, said: “2023 was a record-breaking year for us so I am thrilled to usher in another huge summer of live events that will electrify our iconic venue in 2024. We have two powerhouse performances from Foo Fighters and the return of global star Burna Boy in June, in addition to our multi-event summer calendar. The stage is set for another unforgettable year of entertainment.”

 

Alex Hill, President & CEO of AEG Europe, said: “Across AEG's venues, festivals and events, we were thrilled to be able to provide the people of London with more memorable experiences in 2023 than ever before, proving live entertainment continues to be the heartbeat of the city. With big plans ahead – including our new venue in Olympia, a multitude of shows being promoted across London, and investment in The O2 with our brand-new members club – we can’t wait to continue giving our brilliant capital one of many reasons to cheer.”

 

Beverley Whitrick, Chief Operating Officer, Music Venue Trust, said: “2023 was a very challenging year for grassroots music venues and as we enter 2024 too many of our vital music spaces are still facing an uncertain future. We join the Mayor in calling for much greater support from the government and from the music industry itself. Live music is the heart and soul of London, we need to ensure it continues to be in robust health.”

 

Notes to editor

 

1. UKHospitality figures – UKHospitality research, using CGA insights
2. Boxpark recorded a record month in December 2023 with like-for-like sales up by 22 per cent, beating revenue made during its World Cup football screenings in the period last year.
3. O2 Arena – more than 2.5m tickets were sold for its events in 2023 https://www.theo2.co.uk/news/detail/the-worlds-busiest-arena-the-o2-celebrates-record-breaking-2023
4. Abba Voyage – Research compiled by Sound Diplomacy and RealWorth found that ABBA Voyage attracted over 1 million visitors in its first year of operation and contributed £177.7m in GVA to London’s economy.
5. London Stadiums – 707,000 attended live music at Wembley, 220,000 attended live music at the London Stadium and 302,000 at Tottenham Hotspur Stadium.
6. 253 restaurants opened in London in 2023 according to research led by Hot Dinners and property firm Robert Irving Burns.