The US nightclub and bar industry is continuing to go from strength to strength as one of the few industries relatively unaffected by the financial crash.
Recent IBISWorld research has shown that the bar and nightclub industry in the US is staying strong, with steady growth reported and an increase in consumer spending.
Revenue generated in the sector is reported to be a huge $24bn, with an annual growth from ’09 to ’14 at 1.4%.
Unlike other sectors, the bar and nightclub industry was relatively unharmed through the recession and has continued to grow during the past five years.
However, the sector wasn’t left entirely unruffled. Inconsistent consumer confidence combined with high unemployment has meant that revenue growth has been slow, driven by a desire from consumers to save money and drink at home.
Bar and nightclub owners, nevertheless, are expected to gain in the next few years through an increase in consumer spending via growth in household incomes.
In the meantime, Las Vegas came up trumps in trade publication Nightclub & Bar’s 2014 list of the top 100 grossing nightclubs in the US, with seven in the top 10.
The list, which was published in February, ranks the nightclubs based on the total revenue of each venue in 2013. The city had 24 nightlife venues listed, which is up three from the year before.
Las Vegas club XS at Encore came out on top, with an annual revenue at a record-breaking $90-95 million.
Combined total revenue of the top 100 nightlife venues comes in at a staggering $1.5bn, while Nightclub & Bar reported that 77% of operators experienced growth during 2013, while one-third saw more than 10% growth.
Jon Taffer, president of Nightclub & Bar, said of Las Vegas’ domination in the nightlife industry:
‘Not only does our 2014 Top 100 survey show that Las Vegas has rightfully earned its reputation as the nation’s nightlife capital with 24 venues making the list, but also the results prove just how much patrons love nightlife venues across the entire country with ongoing growth in the industry.’