Embracing the Festive Spirit: Christmas Markets’ Economic Impact on Scotland.
Christmas markets are now very much a part of many towns or city’s festive celebrations and as this year’s holiday season begins Scotland will transform into bustling hubs of festive cheer. Stalls are lined up in the streets, brightly decorated and illuminated for evening visitors to sample local foods, traditional seasonal delicacies, and artisan products. The larger markets also include other attractions such as fairground rides, Big Wheels, and ice rinks to enhance visitor experience.
Beyond the twinkling lights and the cups of mulled wine, these markets can have an impact on the commercial properties that surround them. In this blog, we look at the economic benefits of these seasonal extravaganzas. From boosting foot traffic and increasing sales to fostering community engagement, Christmas markets are more than just seasonal attractions but are also contributors to Scotland’s commercial economy. We will also provide you with a list of some of the most popular Scottish markets in 2023 allowing you to fully immerse yourself in the festive spirit
Boost in Foot Traffic
Christmas markets attract a large influx of visitors, both locals and tourists. These visitors tend to be of a much wider demographic of shoppers than those who would visit a typical town market. The surge in foot traffic benefits nearby commercial properties, especially shops, restaurants, and cafes at a time when the high streets of many places have seen a downturn in trade. Increased footfall often leads to higher sales and visibility, creating a positive domino effect for businesses in the vicinity.
Increased Sales and Revenue
Businesses operating near Christmas markets can experience a spike in sales during the holiday season with shoppers spending more in shops, restaurants, hotels, and souvenir shops as they explore the markets and adjacent commercial establishments. This boost enhances the overall economic viability of the area.
Promotion of Local Businesses
Christmas markets often prioritise local and small businesses, providing them with a platform to showcase their products and services. Exposure gained through these markets helps local businesses expand their customer base and increase brand recognition. As a result, these businesses may consider leasing nearby commercial properties to establish a more permanent presence, thereby contributing to the local economy.
Job Creation and Seasonal Employment
The demand for goods, services, and hospitality near Christmas markets creates seasonal employment opportunities. It’s not just ‘front of shop’ staff that are needed either, there are managers of the sites, construction, cleaning, and security required. This seasonal employment not only benefits job seekers but also strengthens the local workforce, fostering economic stability and growth.
Tourism and Hospitality Industry Impact.
Christmas markets are a major draw for tourists. They are considered a leisure activity and destinations to visit. This leads to increased bookings in hotels, bed-and-breakfast establishments, and holiday rentals in the vicinity. Tourists spending money on accommodation are also likely to explore nearby commercial areas, further stimulating the local economy.
Community Engagement and Social Impact
Christmas markets create a sense of community and festive spirit, attracting residents and families from nearby. The communal atmosphere encourages social interactions and local engagement. This sense of community can lead to increased patronage of nearby businesses and foster a supportive local economy, if parking, crowds and traffic issues are carefully managed.
By attracting visitors and fostering a festive atmosphere, Christmas markets play a vital role in supporting the commercial property sector and contributing to the economic prosperity of the region.
Scottish Christmas Markets for 2023
Edinburgh Christmas Market – Friday 17 November 2023 to Saturday 6 January 2024. This is the biggest market in Scotland and takes place in Princes Street Gardens, George Street and along the Royal Mile.
You can view the commercial property NovaLoca has listed in Edinburgh here.
Winterfest, Glasgow – Saturday, November 10 to January 7, 2025. Festivities are taking place in George Square and St Enoch Square.
You can view the commercial property NovaLoca has listed in Glasgow here.
You can view the commercial property NovaLoca has listed in Aberdeen here.
Dundee has several Christmas markets around the city being held between 23rd November and 24th December.
You can view the commercial property NovaLoca has listed in Dundee here.