British retailers are set for a massive cash injection to the tune of £3.47bn due to consumer spending across the Queen’s Platinum Jubilee Weekend (2 – 5 June), according to new research from VoucherCodes.co.uk.
The savings site found that British consumers are predicted to spend £2.25bn in stores on food and drink alone during the four-day weekend. Additionally, sales of decorations and Jubilee memorabilia are set to reach £610m.
The findings reveal the UK is set for a total £6.37bn economic Jubilee boost, with £2.9bn predicted to be spent in hospitality venues such as pubs, bars and restaurants across the Bank Holiday weekend.
Predicted UK retail spend across Platinum Jubilee Weekend (2 – 5 June 2022)
| Item | Average spend per person | Average UK total |
| Food from stores | £19 | £1.02bn |
| Drinks from stores | £14 | £0.76bn |
| Decorations (e.g. bunting, flags, novelty crowns) | £9 | £0.61bn |
| Memorabilia (e.g. plates, tea towels, coins) | £9 | £0.61bn |
With retail accounting for more than half of the total predicted spend across the Jubilee Weekend, 21% of consumers are stocking up in preparation for hosting or attending a Jubilee or street party.
Angus Drummond, Senior Director of Commercial at VoucherCodes.co.uk, noted: “The forecasted boost in sales over Jubilee weekend will undoubtedly be welcome news for the retail sector. After several recent reports of consumers being forced to cut back on spending due to the cost of living crisis, shopping from those celebrating this historical event will be well received.
“With the bulk of the Jubilee economic boost predicted to come from retail spending, and strong public support for the four-day Bank Holiday to be made permanent, we anticipate retail brands to follow the hospitality industry in throwing their support behind the proposal. A permanent early June four-day Bank Holiday weekend could help provide a healthy revenue boost for retailers looking for a strong start to the notoriously tricky summer months.”
NAM Implications:
- Anyone involved in relevant categories…
- …are already ‘well-prepped’ to optimise this once-in-a-lifetime opportunity.
- Hopefully?
