Bacta releases new report findings on UK seaside arcades
Bacta has commissioned a valuable new report showing that in 2018 seaside arcades and related activities contributed a massive turnover of £845m to the UK economy. They had a Gross Value Added of £451m and were responsible for employing 19,235 people, with a cost of employment valuing £292m.
The report, entitled ‘The contributions of seaside arcades to the UK economy’, calculates the value of the seaside arcade sector to the UK economy, both directly and indirectly and was compiled by the Centre for Economics and Business Research Ltd. (Cebr) an independent research consultancy, on behalf of bacta. The report considers the direct economic contributions made, as well as the wider economic footprint supported through indirect (supply-chain) and induced (wider-spending) impact layers.
“The Cebr report clearly shows the contribution that the seaside arcade sector makes to the UK economy, however, it also reveals the difficulties that seaside arcade operators are facing with the rising costs,” commented bacta CEO John White.
“Bacta’s Siding with the Seaside campaign is designed to highlight the challenges of the seaside amusement arcade sector, including lack of investment in coastal towns, prohibitive parking measures and reducing the tax burden to preserve historical and traditional landscapes. This report ably illustrates the pressures facing the sector and we hope it will make government sit up and take notice,” he added.
“The report highlights the significant contributions made by seaside arcades to national and regional economies throughout Great Britain,” added Harsha Ramesh (Economist) from the Centre for Economics & Business Research. “Seaside arcades directly generate £451m in economic activity per year, similar to the contributions made by the freight and broadcasting sectors. When we also include the broader economic footprint of the sector we find that, overall, seaside arcades support over £1bn in economic activity and more than 27,000 jobs. The research highlights that seaside arcades aren’t just important entertainment hubs but also play a vital role in supporting local economies.”