King Charles' Coronation to give massive £8 billion boost to UK economy
The British economy is set to see a huge boost of over £8 billion over the upcoming Coronation bank holiday weekend.
To mark to occasion, it’s expected that people will be spending £3.22bn more than they do during a typical May bank holiday. Usually the British public spend £4.80bn on these weekends.
The King Charles III Coronation Report from savings site VoucherCodes.co.uk, found factors towards the much-needed £8.01bn uplift include retail spend.
It’s estimated consumers will spend an extra £1.76bn in shops - equivalent to £87 per person over the Coronation bank holiday weekend, as they prepare for celebrations and street parties.
The majority of this spend - £1.17bn - will be seen by supermarkets, convenience stores, and corner shops as shoppers stock up their fridges.
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Meanwhile, Coronation decorations, souvenirs and memorabilia also set to sell in droves as the nation prepares for the celebrations.
Millions are expected to turn out for the Coronation in London on Saturday (AFP via Getty Images)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 an increase of £0.25bn, or £60 per traveller, as they splurge on travel and accommodation for the weekend.
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.
This is expected to help provide a £120 million raise for pubs across the UK, according to figures from the British Beer and Pub Association (BBPA).
It comes as pubs are set to benefit from extended opening hours for the occasion, with the venues being allowed to stay open until 1am between May 5 and 7 - two hours later than usual.
Boozers will be celebrating the event with special events including parties and one-off menus and beers in a bid to attract customers amid pressures around the cost of living crisis.
It’s estimated consumers will spend an extra £1.76bn in shops - equivalent to £87 per person over the Coronation bank holiday weekend, as they prepare for celebrations and street parties (PA)Emma McClarkin, chief executive of the BBPA, said: “Our brewers and pubs are looking forward to the King’s coronation being a time for communities across the country to join in celebration - and what better place to do that than at your local?
“There are few things about public life that stand the test of time from one generation to the next, and the welcoming of a new monarch is undoubtedly a time to reflect on this and note how our much-loved pubs remain at the heart of their communities, just as they have done for centuries.
“In a critically difficult time for our industry, we hope people will mark this historic national celebration by visiting their local, one iconic British institution supporting another.”
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The boost in spend comes as 25.1m people in the UK say they plan to celebrate the once-in-a-lifetime occasion.
An estimated 15.8m say they will watch the May 6 Coronation on TV, while 15.7m will attend a street party or social gathering.
Anita Naik, savings expert at VoucherCodes.co.uk, said: “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.”
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