Summary of Coastal Business Survey results – Isle of Wight Autumn 2022
The National Coastal Tourism Academy share the results of the most recent survey . Fifteen businesses responded – a small survey sample may not give the most accurate results and may not reflect what you are experiencing.
For a detailed look at the national results of the survey, please click here to download the PDF or go to: https://visitwightpro.com/wp-content/uploads/2022/11/NCTA-Coastal-Business-Survey-results-2022_wave-3-Autumn.pdf
Results of the survey on the Isle of Wight largely reflect the national picture in spite of the somewhat different distribution of the businesses responding.
15 businesses on the Isle of Wight responded to the survey. 57% were located in the Sandown, Shanklin, Ventnor area, 21% around Yarmouth and the rest on other parts of the Island.
Compared to the national sample, more respondents represented accommodation providers (87%) and most of these were serviced accommodation. Almost all (93%) are independently owned and two thirds employ staff compared to 59% of the national sample.
73% said their business is back to a profitable status, a little higher than the national figure of 67%. 20% reflected that their summer business was better than in 2021 but for 47% it was worse so a mixed response – as found nationally. 20% of businesses said they were at least ‘somewhat confident’ about the next months of trading but 53% were not feeling confident – more than the national average.
Two thirds agree with the statement that demand is very unpredictable and 73% say that consumers are booking closer to departure than in previous years.
In line with national results, poor economic climate is the biggest external impact affecting businesses mentioned by 80%, followed by increasing energy and fuel costs (73%) and seasonality of the destination (67%). 53% mentioned increasing supplier costs. To respond to these factors, 40% have increased prices compared to 48% nationally. However, 60% are cuttings costs by closing for the winter or reducing opening hours – more than the 42% of businesses reporting this nationally.
The chart below shows how visitor types have changed with an increase in day visitors, local residents and UK staying visitors and a more significant increase in European visitors. Reflecting the picture in the rest of the country business tourism and coach groups are showing no sign of increase currently. 93% of businesses will be targeting UK staying visitors as high priority over the next year.
The chart below shows the importance of reducing costs to all businesses and for 73% the importance of increasing year round business. Although less important improving sustainability is still seen as somewhat important/very important by 73% of businesses.
In terms of potential interventions, the most common response (79%) was reducing VAT on hospitality and tourism, much higher than the national figure of 55%. Similarly, 71% wanted to see business rates relief – significantly higher than on average. Also important are interventions to reduce energy costs and 64% would like to see greater investment in destination marketing.