King Charles coronation: UK economy to see £8billion boost over coronation bank holiday weekend
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Shoppers are expected to spend an extra £1.76bn in stores as the country marks the crowning of King Charles III. It’s expected that people will be spending £3.22bn more than they do during a typical May bank holiday.
The majority of the £1.17bn extra spend will be seen by supermarkets, convenience stores, and corner shops as shoppers stock up their fridges and prepare to host coronation parties. Coronation decorations, souvenirs and memorabilia are also set to sell in high numbers as the nation prepares for the celebrations.
Britain’s tourism sector is also set for an increase of £250million as travellers book accommodation for the weekend. The King Charles III Coronation report from savings site VoucherCodes.co.uk estimates 35.5 million pints of beer, 5.3 million bottles of wine, 2.4 million bottles of fizz, and 200,000 bottles of Pimms are set to be drunk in venues across the UK.
According to the British Beer and Pub Association (BBPA) the coronation will provide an extra £120 million for pubs across the UK. Pubs will benefit from extended opening hours for the coronation, with the venues being allowed to stay open until 1am between May 5 and 7 - two hours later than usual.
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.”