UK retailers will see a boost of £1.76bn over King Charles’ Coronation weekend (6th - 8th May), as consumers stock up on street party essentials, according to research from VoucherCodes.co.uk.
The savings site’s King Charles III Coronation Report has revealed that UK consumers are expected to spend £1.17bn on food and drink over the weekend, with 18.6 million people set to make a purchase from supermarkets, convenience stores, and corner shops.
A further 6.1m people are expected to purchase decorations over the weekend (£0.28bn), and 4.2m consumers will buy memorabilia or souvenirs, such as commemorative mugs and plates (£0.13bn). Another £0.18bn will be spent on other Coronation essentials by 2.7m revellers.
The news comes as the British economy is forecast to see a boost of £8.01bn over the Coronation weekend, with consumers spending £3.22bn more than a typical May bank holiday (£4.80bn).
Predicted UK retail spend and number of spenders across the King Charles III Coronation bank holiday weekend (6th - 8th May)
| Category | Spend (£bn) | No. of spenders (m) |
|---|---|---|
|
Food & drink |
£1.17 |
18.6 |
|
Decorations |
£0.28 |
6.1 |
|
Memorabilia & souvenirs |
£0.13 |
4.2 |
|
Other items |
£0.18 |
2.7 |
|
Total spend |
£1.76 |
20.2 |
With 47% of people in the UK planning to celebrate the Coronation by watching the event on TV (15.8m), attending a street party or social gathering (15.7m), or making the journey to London to see the royal family in-person (3.4m), retailers can expect to see a boost in party essentials.
Whilst 53% of UK consumers will choose not to celebrate the Coronation, they’ll instead use their additional time off to shop, eat out and travel, therefore will also add to the weekend’s economic boost.
Maureen McDonagh, managing director and SVP International at VoucherCodes.co.uk said: “Whilst our research shows that sentiment towards the royals is mixed, the bonus bank holiday for King Charles’ Coronation will undoubtedly lead to a welcome surge in consumer spending for the retail sector.
“Although not everyone will be celebrating the event directly, many consumers will take advantage of the extra time off work to hit the high street and socialise with friends and family.
“Retailers hoping to capitalise on the additional footfall should provide their customers with extra value by offering deals and loyalty promotions. They should be tactical with which items they discount as certain products, such as food, drink, and novelty party decorations will be more popular over the weekend so are more likely to reel customers in.”
One retailer going all out for the event is Trudy Davies of Woosnam & Davies News in Llanidloes, Wales, who has been busy promoting her impressive array of coronation-themed stock (pictured) across social media since mid-April. From royal magazines, to union jack tableware, flags and bunting, the retailer has made certain to let customers know they can stock up at her store ahead of the weekend’s celebrations.
Trudy told Convenience Store that the coronation would inevitably result in a boost to basket spend. However, she stated that increased sales were only part of the story, and that the more important factor was the role retailers play in their local communities. ”It’s not just: ’you’ve got to buy this, you’ve got to buy that’,” she said.
”I think people know you’re genuinely wanting to make everybody enjoy the shopper experience and the displays … the Coronation is a good way of the community joining together and having a celebration.”
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