• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Scale & significance to UK economy & consumer spending in the UK on leisure product and services.

Extracts from this document...

Introduction

Scale & significance to UK economy & consumer spending in the UK on leisure product and services Any industry such as the leisure industry has an impact on a national economy in that it circulates money and employs people who in turn spend their wages. Knowledge of this impact is not just of statistical interest but has real practical importance for three reasons. - It identifies where there are shortages or over-supply of provision. This allows the private sector to seek out new markets, while other sectors and facilities. For example, pub-drinking sales are declining so the breweries are turning to bars and clubs. In the sportswear industry manufacturers know that the market is turning away from trainers to outdoor sports footwear. - It supports the case for the importance of the industry and its impact on the economy. ...read more.

Middle

One way of measuring the economic impact is to look at the average household expenditure for which there is long-term data. Since 1968 leisure services and goods have increased more than any other sector of household expenditure due mainly to the service sector. The proportion of household expenditure spent on leisure goods has remained much the same. It is the service sector that has largely accounted for the growth in leisure. The growth of pay TV, visitor attractions, spectator sports and sports/health clubs has meant that there are more opportunities to spend money in the service sector, resulting in substantial growth in household expenditure. The major part of growth is accounted for by the growth of holiday expenses, which accounted for 44% of leisure expenditure in 1998 compared with 2% arts and admissions, 6% sports admissions and fees, 9% TV charges and 9% gambling. ...read more.

Conclusion

Also consumer spending on computers continues to expand. Reading is a national pastime, which is growing rapidly with an estimated sales growth of books and magazines between 1996 and 2000 of 9.3%. Mainly male reading has increased the magazine readership. These include reading FHM, Loaded, GQ, Men's Health and Esquire. These have all had an impact on the magazine market. Also three out of the six most read magazines were TV guides. Sky TV guide is the most popular read by 12 % of adults. This reflects our love of TV and radio. Expenditure on leisure provision by all authorities in England and Wales. Local authority arts and leisure in 1999 - 2000. The 410 local authorities together will have spent in total �2066 million on leisure provision. The pie chart above gives the proportions spent on the various sectors. Adam Derrington ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Economy & Economics section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Economy & Economics essays

  1. CAPM and its significance

    Written in Principles of Corporate Finance (Brealey and Myers, 2003), 'since borrowing is merely negative lending, you can extend the range of possibilities to the right of 'T' by borrowing funds at an interest rate of rf and investing them as well as your own money in portfolio'.

  2. Free essay

    different sectors of economy

    (Source: www.geography.about.com) Image: Fire fighters would be an example of people who work in the tertiary sector - they provide a service to the public. Information Technology Information technology is working with computers, providing IT services to other companies. Research and Development Research and Development (R&D)

  1. Analysis of growth in the UK economy

    This caused great concern amongst many politicians and economists at the time. Most economists look back on the period as a failure. Elbaum and Lazonick, two North American economists say: "If there is much to be learned from the Japanese success, it is our conviction that the United States may

  2. Sports manufacturers

    Football will inevitably maintain its place as the national sport, but the recent domestic success of teams and athletes in athletics, cricket and rugby, and London's bid to host the 2012 Olympic Games, will aid the development of these sports and the market for clothing for the respective sports and events.

  1. which is ONLY spending on final goods and services (e.g. wages and

    As can be seen below: + - B.) There is a balance of payments surplus within the country, this implies that the country's exports are higher than its imports and hence there is a net flow of money into the country. Which could cause an inflationary gap within the economy.

  2. Biography of Adam Smith.

    Smith strongly disliked both governments and corporations. He viewed government primarily as an instrument for extracting taxes to subsidize elites and intervening in the market to protect corporate monopolies. In his words, "Civil government, so far as it is instituted for the security of property, is in reality instituted for

  1. Inequality in the UK.

    The graph below is taken from National Statistics Online and shows the Gini coefficient for equivalised disposable income in the UK from the 1979 to 2002. During the first half of the 1980s disposable income inequality was fairly stable, with the Gini co-efficient remaining around 0.27.

  2. Local, national and European economies impact on two contrasting organisations within the UK, Vauxhall ...

    As part of Europe-wide restructuring to stem losses and return GM's European operations to profitability, 2000 ended with the difficult announcement that car production at the Luton plant would cease in 2002. Throughout the year the manufacturing plant developed and implemented a strategy for a dignified end of production, scheduled for the end of March 2002.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work