Nightlife Market Of Pubs, Bars, & Nightclubs Expected to Grow By $31.46 Billion
Nightlife is here to stay as the global pubs, bars, and nightclubs market is expected to grow by $31.46 billion by 2027.
Pubs and bars are largely driving the market growth as urban areas increase their population with white-collar workers who enjoy ending their day with friends over a pint.
Young people in urban areas are also driving the growth as they spend more time socializing in bars and pubs.
In 2023, the annual growth rate was 4.11% but is expected to increase to 5.09% by 2027.
One key trend is the rise in premium products. Many of today’s drinking market prefer to mix their own cocktails, potentially driven by mixology trends during the pandemic, meaning the demand for premium beverages at pubs, nightclubs, and bars is higher than bottom shelf options.
One major challenge does arise from the popularity of home-cooked food and delivery services as they focus on the health and convenience benefits from eating at home.
This means that customers are less likely to stop in for a quick drink or turn to eating out before going to a club as a go-to weekend activity.
This data is good news for recent reports that find that in the US, most professional DJs earn $13.27 per hour for an average annual earning of around $25,000.
This includes wedding DJs, club DJs, and traveling DJs with top-billing touring artists and producers the obvious outliers.
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