That is according to Tim Jones, the chairman of the South West Business Council, who has described the holiday weekend as the "last big pay day before Christmas" for tourism businesses in the region.

Jones noted that "if we get a decent weather window" it could be a "big cash generator for businesses who’ve been struggling for the last nine to 12 months".

Jones made the comments as data revealed that visitor numbers have already fallen by 10 to 15 percent from 2023.

But Ian Gregory, who owns the Toy and Model Museum in Sidmouth, is hoping that the upcoming weekend will prove to be very beneficial for his business.

Speaking to the BBC, Gregory explained: "We’ve had a reasonable summer but not quite as good as last year so this bank holiday is really important."

Meanwhile, VisitEngland has predicted that as many as 11 million Brits will take an overnight holiday trip within the UK this weekend.

The increase in domestic travel is thought to be worth an eye-watering £3.1 billion to the UK's economy.

VisitEngland chief executive Patricia Yates said: "It is great to see so many of us are planning a domestic break this long weekend and will be out experiencing the outstanding destinations here on our doorstep."

Yates observed that the UK offers "something for everyone and for all budgets".

She said: "From contemporary culture in our vibrant cities to our stunning countryside, coastlines, and seaside destinations, there really is something for everyone and for all budgets."