I have undertaken a review of the National Marine Aquarium and the current economic climate and how it has affected the number of customers that have been coming in the aquarium. The number of customers has slowly been declining since the recession hit back in 2008.
One of the reasons the customers have been declining is because the level of unemployment has been increasing, therefore people have less disposable income to spend, therefore cutting back on certain things, for example leisure activities in order to save money. The unemployed are also unsure of when they will be back in work, therefore spending their money will not be in there short term plans.
Potential customers are also deciding to save there money rather than spend it, because they aren’t sure when the economic climate will start recovering, and with the economy now in a double dip recession, it doesn’t look like they will start spending anytime soon. This is bad for the company but its profit margins will be decreasing. The spending plans of people will have changed, therefore potential customers may not be thinking of activities such as going to the National Marine Aquarium.
Inflation is a huge factor why people aren’t spending as much money on activities, with the price of many things increasing, essentials such as petrol and clothes, will take precedent over the National Marine Aquarium. Inflation in the economy means people’s