Today, the “Experience Economy” is recognised by both the London Growth Plan and the Labour Government’s Industrial Strategy Green Paper as a primary growth opportunity, alongside areas like technological innovation and the green economy. Analysis by HOLBA also highlights this sector as a key economic driver for growth in London’s West End.
Released in December 2024, HOLBA’s Real Estate Insight Report Q2 2024 highlights shifting consumer preferences towards experiences over commodities, revealing that in London, experiences accounted for 34% of total consumer spending in the first half of 2024. Consumers, aged 18 to 34 specifically, are prioritising experiences over traditional purchases and spent 67% more than the national average between July and September last year.
HOLBA’s report, released in February 2025, builds on these insights, and explores the barriers and opportunities for growth within the West End’s Experience Economy. Significant investment is already underway, including the potential development of over 41,000 sq ft of new casino space, £370 million in hotel refurbishments, and transformative developments in Leicester Square, Regent Street, Haymarket and at the National Gallery. These projects will generate jobs, attract visitors, and contribute significant revenue to the UK economy.
