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Retailers Forecast To See 1.76bn Coronation Boost

London Jubilee flags Union Jack Clive117shutterstock_2160060021
  • Coronation bank holiday set to generate £8.01bn for the UK economy - £3.22bn more than a typical May bank holiday (£4.8bn)

  • £1.17bn set to be spent on food and drink alone

  • 20.2 million consumers will make a purchase from a retail store over the weekend

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 new research.

The King Charles III Coronation Report from the UK’s most-trusted savings site, VoucherCodes.co.uk, reveals 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 watch 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, comments: “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.” 

Source : VoucherCodes.co.uk

Image : Clive117 / shutterstock.com (2160060021)

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02 May 2023

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Thank you for the excellent presentation that you gave at Woodbury Park on Thursday morning. It was very interesting and thought-provoking for our Retail members. The feedback has been excellent.

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Martin Elliott. Chief Executive - Home Hardware.
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