New Research Shows Satisfaction and Optimism Amongst Hertfordshire Residents and Businesses

Two new research reports conducted by the county’s tourism board Visit Herts and business support gateway Hertfordshire Growth Hub reveal the positive mindset of Hertfordshire residents and businesses despite the ongoing cost of living crisis.

The Visit Herts survey of 840 local residents indicates that despite over half (54%) of respondents saying their finances have become worse over the last 12 months, 88% feel satisfied with their lives. Just over three quarters of respondents (77%) agreed with the statement ‘I live in a beautiful area’ and 76% feel strongly connected to their local community, contributing to their positive outlook.

Similarly, a survey of 377 local businesses led by Hertfordshire Growth Hub earlier this year, showed that despite rising costs and staffing pressures, 88% of respondents felt confident about the future of their businesses, with almost half (47%) expecting to increase their turnover and just over a third (36%) expecting their profit to increase over the next 12 months. However nearly 40% of businesses that responded said they were very concerned about the wellbeing of employees ‘who are paying more to get to work, more on bills and more on food’.

Other key findings from the two surveys showed that:

Annual Hertfordshire Residents Survey 2023

· 83% of respondents agree that tourism improves local investment and over 90% of respondents agreed that it improves the local economy, employment opportunities and helps to preserve historic buildings and monuments

· 76% consider film and TV productions to be a strength for Hertfordshire

· Retail was the most selected activity residents took part in over the last year in Herts, as indicated by 65% of all respondents

· Almost a third of respondents (29%) said that working at home and hybrid measures have continued since they were introduced during the pandemic The Cost of Living Business Survey 2023 · 60% of businesses who responded have had to increase the price of their goods or services

· Just over a third (34%) cited a lack of consumer confidence and spending to be the greatest challenges facing their business over the next 12 months

· The impact of the rising cost of living on businesses has led to a third (33%) reducing their marketing spend

· 1 in 4 businesses cited staff recruitment and retention as a challenge

· 37% of employers who responded said that they offer hybrid working to their employees

Deirdre Wells OBE, CEO of Visit Herts said: “It is heartening to see that so many residents enjoy living in the beautiful county of Hertfordshire and feel strongly connected to their local area! We are also really pleased that many residents recognise the overall benefits of tourism to the local economy and communities.

“Of course, both pieces of research also show that unsurprisingly the cost of living crisis is continuing to impact households and businesses which is why we at Visit Herts are working with tourism businesses to develop compelling campaigns to promote a great Herts experience which won’t break the bank. Our Herts Big Weekend campaign which provides free tickets to local attractions every year for residents is all about building local pride in the area and turning residents into ambassadors for the county.

“Whilst the research highlights the huge support that there is in Hertfordshire for the visitor economy, it also highlights the importance of good destination management to mitigate concerns in tourism hotspots over issues such as parking and the impact on the environment. That is why we at Visit Herts are encouraging visitors to explore beyond the most popular destinations and communicating the importance of sustainable travel to local communities and our visitors.”

Liza Armstrong, Head of Service at Hertfordshire Growth Hub said, “The current economic situation is particularly challenging for many small and medium-sized businesses. The survey highlights how rising costs for products, materials and stock has impacted the majority of businesses to varying degrees and the steps that businesses have taken such as increasing their prices, cutting growth plans and operating costs in order to ease the pressure in the short-term.

“Hertfordshire Growth Hub, as the gateway to business support in the county, has been helping businesses to address the challenges head on by providing one-to-one business advice and working closely with both public and private sector partners, to develop and deliver expert led workshops. Helping businesses to be able focus on where they spend their time and allocate resources is a key step in being able to respond to future challenges and obstacles as well as, being ready to take advantage of opportunities as they arise. Our Recruitment and Retention workshop, which is run throughout the year, addresses workforce management and is just one example of how by focusing on the controllable aspects, businesses can minimise risk and experience significant positive impacts over time.”

Visit Herts and Hertfordshire Growth Hub are both programmes powered by Hertfordshire Local Enterprise Partnership (LEP). The LEP’s Chairman, Adrian Hawkins OBE, said:

“Our businesses and residents continue to show commendable resilience, as reflected in this research. The high quality of life enjoyed by our residents is an important factor in attracting future inward investment to the county, to support the expansion of key growth sectors and the provision of skilled jobs for our people.

“Visit Herts has a vital placemaking role that not only contributes to the growth of tourism in Hertfordshire, but also fosters pride in place amongst local residents through campaigns like

Herts Big Weekend. The research shows how this has translated to a growing ‘Visiting Friends and Relatives’ segment, representing a host of new opportunities for local tourism and hospitality businesses. Hertfordshire’s booming Film & TV sector also offers significant tourism prospects, particularly amongst the younger demographic, and Visit Herts is working closely with our Hertfordshire Film Office to further develop this segment.

“Meanwhile Hertfordshire Growth Hub’s research has found that many businesses, although optimistic about their futures, have taken reactionary steps to cost-of-living pressures that may be detrimental in the long run, from increasing prices to halting investment in marketing and staff training. The Growth Hub’s Advisors continue to provide 1-2-1 support to businesses to help them respond proactively instead, in a way that will protect their future growth potential and agility.

“The research reports launched today are a helpful tool to understand the sentiment of our residents and businesses, and present opportunities for growth and improvement. The findings will inform the services provided by our programmes in future and we encourage local businesses from all sectors to take advantage of the support on offer.”

A free webinar is being held by Visit Herts and Hertfordshire Growth Hub on Thursday 21 September at 2pm. Organisations based in Hertfordshire are invited to attend and learn more about both pieces of research. Book you Place.

For further information or media interviews, please contact Antonia Stratford Antonia.stratford@gotoplaces.co.uk or call 07957 471235.

Cost of Living Business Survey - HGH Cost Of Living Report 2023

Annual Hertfordshire Residents Survey - Hertfordshire Annual Residents Study 2023 Reduced