Fastest Growing Industries in the UK by Revenue Growth (%) in 2022

1. Festivals in the UK

2022-2023 Revenue Growth: 861.7%

Operators in the Festivals industry organise festivals and live music events in venues throughout the United Kingdom. The events derive revenue primarily from ticketing, but also from a variety of on-site services, such as food and drink sales, which have been an increasing source of industry revenue as operators have expanded their services. The industry also includes the activities of agents, promotors and other production services involved in the organisation of live music events.

Over the five years through 2021-22, industry revenue is forecast to fall at a compound annual rate of 5.6% to £1.8 billion. This includes a 862% rise... Learn More

2. Scheduled Passenger Air Transport in the UK

2022-2023 Revenue Growth: 445.5%

The industry includes all British companies that transport passengers on domestic or international routes on regular timetables. Passenger air travel is largely considered to be discretionary and industry performance is influenced by consumer and business confidence, the level of disposable income and airfares. Although passenger numbers remain fairly robust during weak economic conditions, changes in consumers' propensity to spend on discretionary items has a more profound effect on revenue, as price competition intensifies when consumer confidence is low.

Industry revenue recovered from a post-EU referendum decline, growing during the two years through 2018-19, as strengthening demand for low-cost carriers offset the... Learn More

3. Airports in the UK

2022-2023 Revenue Growth: 201.9%

Demand for the Airports industry is primarily influenced by trends in domestic and international air travel, as operators provide support activities to both passenger and freight transport operators. Airports have increasingly diversified their sources of revenue, expanding into other commercial markets such as retail concessions, other property and car parking facilities. Industry revenue is expected to be very highly volatile over the five years through 2021-22, as growing demand for airlines over the first half of the period boosted demand for support services provided by airports. However, disruption from the COVID-19 (coronavirus) pandemic offset this growth, causing revenue to contract... Learn More

4. Urban Passenger Rail Operations in the UK

2022-2023 Revenue Growth: 201.2%

The Urban Passenger Rail Operations industry includes businesses that operate passenger rail networks through urban, suburban or metropolitan areas. London is the largest market for industry services, accounting for more than 90% of passengers. Consequently, Transport for London (TfL) dominates the industry through its ownership of the London Underground, the Docklands Light Railway and the London Overground. Industry performance is largely contingent on the number of passengers using these services, which is determined by several demographic and social factors, including the size of the urban population, the rate of employment and competition from alternative forms of transport.

Industry revenue is expected... Learn More

5. Saunas & Solariums in the UK

2022-2023 Revenue Growth: 170.2%

Industry revenue is expected to contract at a compound annual rate of 9.9% over the five years through 2021-22 to £335.8 million. The Saunas and Solariums industry has been heavily affected by the UK's decision to leave the European Union and the COVID-19 (coronavirus) pandemic. The industry benefited from an influx of international tourists prior to the start of the period in 2016-17, as travelling to the United Kingdom became cheaper for overseas residents following the steep depreciation of the pound during the year. Nevertheless, weak consumer confidence and a declining number of total visitor nights have weighed on industry... Learn More

6. Holiday Accommodation in the UK

2022-2023 Revenue Growth: 157.0%

Operators in the Holiday Accommodation industry provide accommodation in the form of cottages, lodges and self-catered apartments, and operate hostels, guesthouses, and holiday centres and villages. The staycation trend that emerged following the UK's vote to leave the European Union has benefited demand over the past five-year period. The weak pound following 2016-17 made the United Kingdom a more affordable holiday destination for international tourists, supporting industry revenue growth. The emergence of online travel agents has made it easier for independent operators to compete with larger players, enticing new operators into the industry. However, the presence of online marketplace Airbnb... Learn More

7. Budget Hotels in the UK

2022-2023 Revenue Growth: 148.7%

The Budget Hotel industry comprises hotels that provide short-term and budget-priced accommodation to domestic and international visitors. Industry revenue is anticipated to contract at a compound annual rate of 1.6% over the five years through 2021-22 to £9.8 billion. Industry revenue rose strongly over the two years through 2018-19, owing to growth in occupancy and room yield levels, driven partly by the weak pound, which made domestic holidays cheaper for overseas visitors.

However, the COVID-19 (coronavirus) outbreak is expected to severely affect industry revenue over the second half of the period. Trading restrictions forced industry operators to close their establishments during... Learn More

8. Caravan & Camping Sites in the UK

2022-2023 Revenue Growth: 139.6%

Operators in the Caravan and Camping Sites industry provide short-term accommodation for guests in campsites, caravan sites and static caravan parks. Since the EU referendum, the value of the pound has fallen, making the United Kingdom a more affordable destination for international and domestic holidaymakers. The shift towards staycations supported revenue growth over the first half of the period. Over the five years through 2020-21, industry revenue is forecast to contract at a compound annual rate of 21.1% to £967.9 million. This is largely because revenue is forecast to drop by 70.1% in the current year as a result of... Learn More

9. Conference Centres Letting & Operating in the UK

2022-2023 Revenue Growth: 136.8%

Industry firms own and operate purpose-built conference centres, exhibition space and related venues, either independently or on behalf of a third party. Operators hire out venue space to downstream clients for the purpose of hosting and orchestrating out-of-house business events. They can also be responsible for procuring ancillary services, such as catering and concierge services, whether they provide these services internally or outsource them to third-party providers. Almost exclusively as a result of income dropping sharply during 2020-21 as a result of the COVID-19 (coronavirus) pandemic, industry revenue is forecast to decline at a compound annual rate of 18.9% over... Learn More

10. Full-Service Restaurants in the UK

2022-2023 Revenue Growth: 124.5%

Industry revenue is forecast to fall at a compound annual rate of 1.5% over the five years through 2021-22 to £20.4 billion, largely due to a steep revenue contraction of 59.8% in 2020-21 due to the COVID-19 (coronavirus) pandemic. The industry grew strongly over the two years through 2018-19. However, cost increases and weak consumer demand following the UK's vote to leave the European Union and the coronavirus pandemic reversed this trend in the second half of the period. The industry's performance has also been influenced by trends in consumer preferences.

Changing consumer tastes have shaped the industry over the... Learn More