Britons are expected to ring in the coronation of King Charles III this weekend at a time when it has been tradition to empty their purses faster than usual.
Consumers are expected to spend around £8 billion over the coronation bank holiday weekend, with £3.22 billion more spent than was spent during the normal bank holiday in May.
Of the total £3 billion, £1.76 billion will be spent on stores, with £1.17 billion being spent on food and drink.
Pubs, bars and restaurants will receive £1.21 billion from the boost. Less than half of Britons also plan to celebrate the coronation.
The research also found that the average person is set to spend an extra £87 over the three days.
Decorations will be worth £28m, the Brits are expected to dig deep, £130m for memorabilia with other coronation items worth £130m.
Over the course of the Bank Holiday, Beams will drink 35.5 million liters of beer, 5.3 million bottles of wine, 2.4 million bottles of fizz and 200,000 bottles of classic British glass, in pubs, bars and restaurants across the UK.
With 2.3 million Britons expected to descend on the capital and another 125,000 visitors from abroad to witness the coronation procession, Britain’s tourism sector is also set to rise by £0.25 billion, or £60 per traveler, as tourists outgrow travel and accommodation for the weekend.
The research also found that 25.1 million people in the UK planned to celebrate by either watching the service on TV (15.8 million), attending a street party or social gathering (15.7 million), or even taking a trip to London to see the royal family. in person (3.4 m).
Not everyone was enthralled by the event, a quarter of consumers surveyed said they were not interested in partying while 15 percent said they were “not very excited” and would instead spend the weekend shopping, in hospitality, in staycations and socializing.
Compliing with the research, Maureen McDonagh, Managing Director and Senior Vice President International at VoucherCodes.co.uk, said: “While our research shows that feelings towards the royals are mixed, the extra bank holiday for King Charles’ coronation would undoubtedly lead to a welcome increase in spending. consumer for the retail, hospitality and tourism sectors.
“Although not everyone will celebrate the event directly, many consumers will take advantage of the extra time from work by going to the high street to shop and visit restaurants, pubs and bars.
However, it is important for businesses to bear in mind that many consumers are still coping with the pressures of the current economic climate, and that value for money is top of mind. Running and promoting discounts, loyalty schemes and customer bonuses across marketing channels in the run-up to Coronation Weekend is key to attracting value-conscious customers, and can help you get ahead of the competition during what is set to be a lucrative weekend for British business. “
Comments are closed.