Brits set to splash out an extra £3bn on food, drink and entertainment
2 min read
Brits are expected to ring in the Coronation of King Charles III this weekend in the time honoured tradition of emptying their wallets faster than usual.
It is predicted consumers will fork out around £8bn over the Coronation bank holiday weekend, with £3.22bn more spent than during a typical May bank holiday.
Of the £3bn plus, £1.76bn will be spent in stores, with £1.17bn splurged on food and drink.
Pubs, bars, restaurants will £1.21bn of the boost, as just under half of Brits plan on celebrating the Coronation.
The research also found the average person is set to spend £87 more over the course of the three days.
Decorations will account for £28m with Brits expected to dig deep, £130m for memorabilia with other Coronation items accounting for £130m .
Over the course of the bank holiday, 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 will drunk in pubs, bars and restaurants across the UK.
With 2.3 million Brits 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.
the research also found that 25.1 million people in the UK planned to celebrate by either watching the service on TV (15.8m), attending a street party or social gathering (15.7m), or even making the journey to London to see the royal family in-person (3.4m).
Not everyone is quite so enthralled to the event, one-quarter of consumers’ surveyed said they were not interested in celebrating while 15 per cent said they were “extremely unexcited” and would instead spend their weekend shopping, at hospitality venues, on staycations and socialising.
Maureen McDonagh, managing director and senior vice president international at VoucherCodes.co.uk, who complied the research, said:” Whilst our…
Business Matters
2023-05-04 11:45:11
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