New quarterly data from Novuna Business Finance reveals that small businesses in the hospitality sector more optimistic of growth over the next quarter than any other business sector.
The percentage of small businesses in the hospitality sector predicting growth has increased by 41% since last quarter and 45% year-on-year. These numbers are well above those seen pre-COVID, when 29% of hospitality businesses were predicting growth in Q2 2019. Across all sectors, 37% of small business owners said they predicted growth for the next three months.
Significantly, small businesses that had been most affected by the pandemic, such as those in the hospitality sector, were those that now see the biggest return in confidence for the future.
Jo Morris, Head of Insight at Novuna Business Finance commented, ” Those that experienced the most pain during lockdown are the small businesses that are forging ahead today. And it has taken six months since COVID restrictions fell away for us now to finally see the resilience of small businesses and their power to rebuild and recover.”