As the winter months increase demand for energy usage, new data from SEFE Energy reveals rising energy costs are a top concern for UK retail and hospitality companies, but few are taking action to improve their energy efficiency.
In the survey of 500 UK energy decision-makers in healthcare, retail and industrial sectors, more than half (53%) of retail and hospitality companies say they are aiming to reduce their energy costs. When asked about external impacts on their business, rising energy costs are the top cited concern among retail and hospitality companies surveyed at 47%, significantly higher than the rising cost of labour (32%) and broader economic downturn (31%).
While energy costs are weighing on retail companies, just 27% of those surveyed say they have implemented energy-saving policies this year, such as load shifting, data monitoring or turning off equipment when unused, and seven in 10 (70%[2]) feel they would benefit from more advice on how to improve energy efficiency.
SEFE Energy supplies gas, electricity and low carbon energy products to nearly 30,000 UK organisations. Olufemi Obudu, Mid-Market TPI Manager at SEFE Energy, said: “In a challenging economic environment, it’s understandable that energy costs are weighing on retail and hospitality companies, when there are so many demands on their budgets. Making small changes to improve energy efficiency can help lower energy bills.
“As a first step, concerned companies should ask their supplier for insight into their energy consumption patterns and habits. By looking at the data, companies can better understand their energy usage and identify opportunities for savings.”
Other key findings include:
AI assistants a source of counsel on energy products
- Energy comparison sites are the most popular source of guidance on energy products among retail and hospitality businesses surveyed (45%), followed by energy providers (42%) – while 23% use an energy broker or consultant and 15% say they use AI-powered assistants to get advice on energy products.
Reducing energy costs prioritised over emissions reduction in energy goals
- When asked about their energy goals for this year, reducing energy costs (53%), energy consumption (46%) and carbon emissions (29%) are the top cited objectives for UK retail and hospitality companies surveyed.
Majority looking to explore AI-powered energy solutions
- The survey points to an interest in the use of AI in energy management, as three in 10 retail companies (30%) say they want to improve their understanding of energy consumption through data analytics, while the majority (54%[3]) say they want to adopt AI-powered energy solutions this year.
