The Queen's Jubilee Weekend and the Great British Retail BoostThe Queen's Jubilee Weekend and the Great British Retail Boost
U.K. retailers are preparing for a £3.47 billion increase in consumer activity, according to the latest research from VoucherCodes.co.uk.
May 31, 2022
As Her Majesty Queen Elizabeth II prepares to mark 70-years on the throne, the United Kingdom is preparing for a long weekend filled with revelry and collective celebration.
With June 2-5 in sight, VoucherCodes.co.uk has launched a report highlighting the significant retail sales boost of £3.47bn across the four-day Bank Holiday.
The growth categories include the £0.61 billion estimated Jubilee licensed goods, related memorabilia and party goods, as 21% of the country plans street parties and gatherings.
One launch that outlines the demand for Jubilee consumer goods is Mattel's Tribute Collection Barbie Doll, designed in the likeness of Her Majesty Queen Elizabeth II and sold across Harrod's, Hamley's, Amazon, Selfridges and John Lewis.
The predominant percentage of the report's spend of £3.47bn is focussed on food and beverage (£2.25bn) with a further £2.9bn estimated spend at pubs, restaurants and experiences.
"The forecasted boost in sales over Jubilee weekend will undoubtedly be welcome news for the retail sector," says Angus Drummond, senior director, commercial, VoucherCodes.co.uk. "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."
Due to the increased activity, retailers will undoubtedly be in support of the 52% of consumers who feel strongly about making this date a permanent holiday in the U.K. calendar.
"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," adds Drummond. "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."
The U.K. is set to receive an overall economic boost of £6.5 billion during the Queen's Platinum Jubilee, giving retail and hospitality a much-needed bolster and offering consumers the chance to capture the historic occasion through products, experiences and time with the family.
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