NI retailers expecting a right royal boost
Northern Ireland retailers are set for a boost of £31 million over the coronation weekend.
Ahead of the coronation of King Charles III, a new report forecasts how much consumers are set to spend over the bank holiday weekend, including on retail, hospitality and tourism.
In Northern Ireland alone it is forecast that £28 million will be spent on food, while consumers are expected to spend approximately £8m on decorations, with £2.1m set to be spent on memorabilia and souvenirs.
According to the King Charles III Coronation Report, by VoucherCodes.co.uk, retailers across the UK are set to see a £1.76bn boost over the coronation weekend, as consumers enjoy celebrations, street parties and additional time off.
VoucherCodes partnered with intelligence provider, GlobalData to forecast the economic impact of the coronation on the UK economy, including its impact on retail.
Over the bank holiday weekend, it is forecast the UK will spend an extra £3.22bn on retail, hospitality and travel and tourism, in addition to the £4.80bn usually spent over a May bank holiday weekend.
It is anticipated that both bigger chains and local businesses will benefit with increased footfall and a greater opportunity to showcase their offerings and attract new customers.
Of the four home nations, England is forecast to have the biggest retail spend, with £1.61bn expected to be spent in stores and online, while Northern Ireland will spend the least of the four home nations, with £31 million spent in preparation for the coronation.
SURGE IN SPENDING
With 47% of people in the UK planning to celebrate the coronation by watching the event on TV (15.8m), attending a street party or social gathering (15.7m), or making the journey to London to see the royal family in-person (3.4m), retailers can expect to see a boost in watch party essentials.
Whilst 53% of UK consumers will choose not to celebrate the coronation, they’ll instead use their additional time off to shop, eat out and travel, therefore will also add to the weekend’s economic boost.
Maureen McDonagh, Managing Director and SVP International at VoucherCodes.co.uk, said: “Whilst our research shows that sentiment towards the royals is mixed, the bonus bank holiday for King Charles’ coronation will undoubtedly lead to a welcome surge in consumer spending for the retail sector.
“Although not everyone will be celebrating the event directly, many consumers will take advantage of the extra time off work to hit the high street and socialise with friends and family.
“Retailers hoping to capitalise on the additional footfall should provide their customers with extra value by offering deals and loyalty promotions. They should be tactical with which items they discount as certain products, such as food, drink, and novelty party decorations will be more popular over the weekend so are more likely to reel customers in.”