The Coronation bank holiday weekend saw consumers in Scotland increased their spending more than any other UK nation or region.
Business reported a 10% rise in trading activity over the bank holiday, compared to the previous week.
Bank of Scotland data showed that the additional May holiday for the King’s Coronation increased Scottish spending by a greater amount than the Queen’s Platinum Jubilee four-day weekend last year, which drove a 3% increase in purchases across firms.
Restaurants in the UK received the biggest boost in business activity, with customers spending 12% more than in previous weeks, followed by supermarkets and grocery retailers who saw a 9% increase.
Day-by-day analysis of the UK shows that the biggest increase in spending was restaurants on Sunday and Monday, by 37% and 51% percent respectively.
Chris Lawrie, area director for Scotland at Bank of Scotland Commercial Banking, said: “It’s fantastic to see the boost the extra day’s bank holiday has given to businesses, many of which will be hoping for a similar surge in demand for the next bank holiday and into the summer.
“Managing cash flow and juggling busy periods can be challenging for firms, and for larger businesses leveraging tools such as invoice or asset-based lending can useful to unlock capital when needed, enabling them to seize the opportunities that come their way.”
The data was collected from Lloyds Bank’s internal consumer spending records between 2 and 8 May, compared to data taken from the same sources between 18 and 24 April.
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