VisitEngland, a tourism body, estimates that the boost from increased domestic travel over the weekend will be much higher at £1.2 billion ($1.5 billion). “British brewers and pubs are preparing to mark this momentous occasion by hosting special events, brewing limited edition beers and taking advantage of extended opening hours across the long weekend,” Emma McClarkin, CEO of the British Beer and Pub Association said in a statement. The Centre for Economics and Business Research estimates a £337 million ($420 million) boost from extra tourism and spending in pubs over the three-day weekend, which includes an extra public holiday on May 8. In London, hotel occupancy over the coronation weekend stands at 96%, according to Nicholls. Lots of people will want to come together in their local pubs, bars and restaurants.”Ī cafe in London displays a poster to celebrate the coronation of King Charles III. It could give that boost to confidence,” said CEO Kate Nicholls. “The coronation is a really helpful moment in time. The royal occasion will also deliver a crucial boost to the UK hospitality sector, which had barely recovered from the Covid pandemic when it was hit by soaring food and energy costs.Ī third of hospitality businesses say they are at risk of failure within the next year, according to a recent survey by industry body UKHospitality. “The power of royal influence is really important for brands,” she told CNN. Courtesy Boodlesīritish luxury goods brands have long benefited from an association with the monarchy, said Helen Brocklebank, the CEO of Walpole, the UK sector’s industry association.įor the coronation, UK luxury brands “have procured unique merchandise at all levels of the economy and we’re seeing people buying it, particularly Americans and EU customers,” she added. Deakin & Francis is selling £340 ($425) sterling silver Coronation cufflinks and Hackett London is offering a £74 ($92) Coronation pocket square.īoodles' Coronation Gemini ring costs £395,000 ($496,000). “The demand for our Coronation Lewis Bear has been extraordinary, and now that our full Coronation Collection has launched online and in store, we’re seeing a real buzz from customers who are looking forward to celebrating the occasion,” said Jason Billings-Cray, seasonal buyer for the company.įor those with deeper pockets looking for something a little splashier than a soft toy or cookie container, British luxury goods brands have also seized the marketing opportunity.īoodles, a family-owned jeweler, has launched a one-of-its-kind Coronation Gemini ring, costing £395,000 ($496,000) and featuring two stones from the South African mine that produced the Cullinan Diamond, which is incorporated in the Crown Jewels. John Lewis & Partnersĭepartment store John Lewis has had to limit in-store purchases of its Coronation Lewis Bear to two per household, and the teddy is out of stock online. The ceremony will take place in Westminster Abbey on May 6. Last year, grocery sales through the week to June 5 - the period that included celebrations for the late Queen Elizabeth’s Platinum Jubilee - were £87 million ($108.7 million) higher compared with the average week in 2022, according to Kantar data.Īs in June, UK retailers have come up with a vast array of mementos to mark Britain’s first coronation in 70 years - from commemorative biscuit tins, teddy bears and tote bags to candles, cushions and teacups. “Given the King’s coronation will be such a historical event, we expect an even larger uptick.” “Retail sales are usually boosted by large national events,” said James Hardiman, a senior analyst at the British Retail Consortium. UK gross domestic product is expected to shrink by 0.3% this year, logging the worst performance of any major developed economy, according to the International Monetary Fund. The historic event could help give an instant lift to sentiment and spending in an economy beset by strikes, stubbornly high inflation and falling living standards. But the UK economy as a whole could suffer as workers take an extra day’s holiday. Britain’s pubs, restaurants and retailers are gearing up for a roaring trade from celebrations to mark the coronation of King Charles III.
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