As fans gather at London’s Wembley Stadium this weekend for Oasis’ reunion tour, demand for hotel rooms in the city has skyrocketed, with rates soaring by almost 500%, RSM analysis shows.
Audit, tax and consulting firm RSM UK found the average cost of room rates in Wembley jumped to £560 this Friday, compared to £114.83 the following week – demonstrating a 488% increase due to the Oasis effect.
Based on an average ticket price of £171.10, Barclays has calculated that Oasis fans will spend on average £766.22 on accommodation, eating and drinking out, new outfits and travel to see the homecoming gig – highlighting a wider boost to the UK economy.
Chris Tate, head of hotels and accommodation at RSM UK, said: “The impact of this iconic band reforming brings 90’s nostalgia to today’s audiences and London’s hotel sector is reaping the benefits with a spike in demand this weekend. Hotels are contending with a number of headwinds with increased employment costs, flat room rates and a dip in occupancy in May, so a demand uplift couldn’t come at a better time.
“Big ticket events such as this not only boost hotels but the knock-on effect of increased footfall is huge; and will be a welcome boost to retail and hospitality across the city.
“As seen in Manchester last week, the sun is expected to shine bright at Wembley this weekend, setting the scene for what is likely to be an electric atmosphere for Oasis fans. With the city expected to come alive with pop-up shops, bucket hats and revellers, it will also go some way to adding a certain swagger to the UK economy.”
