Experience Oxfordshire survey shows complex business landscape
Oxfordshire's visitor economy shows growth in 2024, but rising costs, cautious investment, and changing consumer behavior challenge long-term sustainability and staffing levels.
As businesses get ready to make the most of the schools' half-term holiday and approaching summer season, a recent survey from the county's Local Visitor Economy Partnership (LVEP) and destination management organisation, Experience Oxfordshire, indicates a sector balancing a range of issues impacting on its sustainable growth.
This years' Experience Oxfordshire Business Survey shows a complex picture. The majority of respondents, 75%, said that overall business performance had improved in 2024, (a 5% drop in positivity, however, when compared to the previous year's survey) with 68% reporting an increase in visitor numbers but 20% of operators seeing a drop when compared to 2023.
Although 27% were cautious or concerned regarding business performance in the current year, 70% of respondents are expecting their business to perform well. 65% of respondents said that the current state of the UK economy is impacting negatively on their business, with a further 30% saying it was neither helping nor hindering.
In particular businesses expressed concern about consumers with less disposable income and their own increased operating costs. Businesses have taken steps to mitigate the latter by increasing their prices, delaying investment, building or maintenance works and seeking additional income through diversification. 27% have reduced staffing levels which is a distinct change in circumstances from recent years when difficulties with staff recruitment and retention were a major cause for concern, affecting 41% of respondents in 2024 but this year only stated as an issue by 3%.
Consumer booking behaviours established during the global pandemic are now standard with 50% of businesses stating that the current lead in time was under four weeks (a further 14% of businesses seeing the majority of their bookings made within seven days of arrival) and over half of businesses saying that over 75% of visitors pre-book products and experiences.
When asked which interventions would help their business development unsurprisingly operators looked for a reduction in VAT, business rates, national insurance and the provision of sector specific development grants.
At destination level, as in previous years, there was strong support for investment in marketing, use of marketing platforms to build relationships with visitors to encourage repeat trips and the benefit of high-quality, year-round experiences to be enjoyed by visitors and the local community. In recent years Experience Oxfordshire has demonstrated the effectiveness of such investment. Its recent Only in Oxfordshire campaign engaged with over 34 million individuals, generating some 750 thousand views of videos featuring inspirational Oxfordshire content.
Hayley Beer-Gamage, CEO of Experience Oxfordshire commented: 'Our annual survey gives us the opportunity to gather information from a cross-section of businesses operating within the county's visitor economy and these results underline the key challenges facing these businesses today. Despite the fact that many saw an increase in visitor numbers and business performance last year, there is still widespread concern relating to rising operating costs. The measures being put in place to balance the books include a pause on investment, a trend we have seen for the last three years, and a worrying reduction in staffing levels. If continued longer term, these trends can lead to a decrease in customer satisfaction and enjoyment.
Oxfordshire has more to offer visitors than many destinations, and this benefits us by attracting both domestic and international visitors. The global tourism marketplace, however, is highly competitive so it's essential that, despite the difficult operating environment, businesses maintain high standards of visitor welcome and experience. Experience Oxfordshire works with some 200 partners spanning the county's visitor economy and we know the excellent quality of experience on offer here. As VisitBritain's marketing partner we will be using all opportunities available to us this year to encourage key influencers at home and overseas to include Oxfordshire in their tour programmes, conference schedules and travel communications.'
Oxfordshire's visitor economy is responsible for the employment of 10% of the local workforce, with 28.4 million visits to the county generating some £2.3 billion for the local economy. Experience Oxfordshire works with the media, travel trade and conference/event agencies within the UK and in key international markets to promote Oxfordshire and raise its profile as a great place to visit, work, live and do business with.
It is the accredited Local Visitor Economy Partnership (LVEP) for Oxfordshire and as such is the national tourism agencies VisitBritain / VisitEngland's go-to body for all matters relating to tourism development and delivery in the county.
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