The British economy will see a boost of £8.01bn over King Charles’ Coronation weekend, with Brits spending £3.22bn more than a typical May bank holiday (£4.80bn), according to new research.
The King Charles III Coronation Report from VoucherCodes.co.uk, also reveals that Brits are expected to spend an extra £1.76bn in retail stores - equivalent to £87 per person over the Coronation bank holiday weekend, as they prepare for celebrations and street parties.
The majority of this spend will be seen by supermarkets, convenience stores, and corner shops as shoppers stock up their fridges for a long weekend of revelling (£1.17bn). With decorations (£0.28bn), souvenirs, memorabilia (£0.13bn), and other Coronation items (£0.18bn) also set to sell in droves as the nation prepares for the celebrations.
A further £1.21bn is set to be spent in hospitality venues, such as pubs, bars and restaurants, as boozy Brits make the most of their bonus bank holiday weekend - equivalent to £69 per person. Over the course of the three-day weekend, a whopping 35.5 million pints of beer, 5.3 million bottles of wine, 2.4 million bottles of fizz, and 200,000 bottles of the British classic, Pimms are set to be drunk in venues across the UK
With 2.3 million people expected to descend on the capital, and another 125,000 visitors coming from abroad to watch the Coronation procession, Britain’s tourism sector is also set for a boost of £0.25bn, or £60 per traveller, as tourists splurge on travel and accommodation for the weekend.
Predicted UK spend across the King Charles III Coronation bank holiday weekend
The boost in spend comes as 25.1 million people in the UK plan to celebrate the once-in-a-lifetime occasion, by watching the service on TV (15.8m), attending a street party or social gathering (15.7m), or even making the journey to London to catch a glimpse of the royal family in-person (3.4m).
However, whilst 47% of the nation will be celebrating the Coronation and two-fifths are excited for the event (40%), over half of people in the UK say they will be opting out of the festivities (53%). With one-quarter of consumers’ unexcited by the King’s Coronation (26%) and 15% extremely unexcited, many people say they plan to spend their weekend shopping, at hospitality venues, on staycations and socialising.
Anita Naik, Savings Expert at VoucherCodes.co.uk, said: “Whether you’re planning on celebrating the King’s Coronation with a big street party, or simply plan to enjoy a relaxed weekend, the bonus bank holiday is the perfect opportunity to spend time with friends and family.
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“As our report shows, many Brits will be making the most of their time off work by joining in with Coronation celebrations, shopping, and visiting their local bars, restaurants and pubs, so there’s no doubt there will be a sense of excitement in the air.
“If you’re hosting a street party or BBQ this weekend, make sure you check for supermarket deals before heading to the shops. With such a landmark occasion, many retailers will be offering discounts and multibuy deals on bank holiday essentials such as BBQ food, decorations, party tableware and more to entice excited shoppers."
