British hotels, restaurants, bars and event spaces could be set for an increase in business over the next few months as the service sector prepares for a fightback.
New figures from the Confederation of British Industry (CBI) show revenue for consumer services falling more steeply than expected in Q4 of 2012, but the companies concerned seem far more upbeat about the outlook.
CBI’s survey of 147 firms hinted that British hospitality businesses would see a profitability increase in the first quarter of 2013, while numbers in this sector are expected to reach a three-year high.
The poll also hinted that companies would continue their overhaul of old equipment by purchasing the latest technology to aid their operation, reports express.co.uk.
Anna Leach, CBI head of economic analysis, said the “bullish” tone carried by these companies was encouraging given what had unfolded at the tail end of last year.
“Despite the disappointing quarter, optimism remained stable and the outlook is brighter for the months ahead,” she commented.
Ms Leach added that business volumes for both professional and consumer services are expected to grow regardless of what the readings from the last quarter might suggest. Shropshirestar.com has speculated this could result in a pick-up in employment for both sectors.