ROYAL fans are forecast to spend £1.4billion on the King’s Coronation.
Families and tourists are expected to splash the cash on souvenirs, memorabilia, parties, booze, meals and hotel rooms in the run-up to the May 6 ceremony.
Patriotic shoppers are estimated to spend £1.4billion on the King’s Coronation
CRR director Joshua Bamfield says the King’s Coronation will generate much more money for the economy than its cost
The Centre for Retail Research estimates £847million will be spent on parties alone.
Within this figure formal and informal street parties, barbecues and ‘having friends over’ should account for extra spending of £61 million.
While outlay on bakery, confectionery and non-alcoholic drinks will soar by a further £73.25 million.
The equates to a total coronation spend on food and party items of £134.25 million.
A further £56.55 million will be laid out on champagne, sparkling wine, table wines, beer, cider and spirits.
Spending on souvenirs and memorabilia are also set to rocket across the coronation to a massive £245.91 million.
The hospitality sector is also expected to get a boost from the King’s big day with pubs, bars and restaurants set to enjoy a bumper weekend of trade.
Pubs will be able to stay open for an extra two hours over the coronation weekend leading to a boost for the hospitality sector of £194.04 million.
Professor Joshua Bamfield, CRR director, said: “Millions of people want to make this an event to remember — particularly for children.
“Some may complain about the expense but we have shown it will generate £1.4billion — at least seven times its cost.”
Statistics reveal how money will be spent on the Coronation
Did you miss our previous article…
https://hellofaread.com/money/major-chain-launches-huge-closing-down-sale-as-every-shop-set-to-close-within-days/
