Wednesday 12 February: Today, Heart of London Business Alliance (HOLBA) published Unlocking the Experience Economy: Driving Growth in the West End, the first report to analyse this emerging sector as a key driver of economic growth in London’s West End. The report identifies that this sector is at a crucial juncture, recommending bold measures to capitalise on opportunities and address barriers to growth.

The Experience Economy is at the heart of the West End. The sector is growing significantly and the opportunities it holds are exciting, but it needs to be supported and enabled to grow. The West End’s thriving cultural and entertainment scene is fundamental to attracting visitors, retaining talent, and securing investment. There are challenges that need to be addressed, but the opportunity for landowners and occupiers to work together, in collaboration with HOLBA, to enhance and build on the ecosystem of complementary uses across the area is building.

The Experience Economy, now representing over 14% of Gross World Product, is fuelled by younger audiences prioritising experiences over traditional purchases. In the UK, consumers aged 18-34 spent 67% more than the national average on experiences between July and September 2024.

Worth over £10 billion annually to the UK economy, the Heart of London’s vibrant ecosystem includes immersive theatre, competitive socialising, casinos, cinemas, hotels, restaurants, and live events. HOLBA’s report highlights over £370 million in hotel refurbishments, 41,000 sq ft of new casino developments, and transformative projects in Leicester Square, Regent Street, Haymarket, and Piccadilly Circus.

The report identifies that this is the right time to focus on this growing economy, as both the proposed London Growth Plan and the Government’s Industrial Strategy Green Paper highlight the Experience Economy as a primary growth opportunity, alongside technological innovation and the green economy. HOLBA calls for a unified vision and approach, working with policymakers, local authorities, investors, landowners, businesses, and occupiers to develop a coordinated economic strategy with the Experience Economy at its core, ensuring the West End retains its reputation as a world-leading destination.

Download the full Experience Economy report here & HOLBA’s recent Quarterly Real Estate Insights report here.