UK retail and hospitality sectors expected to boost during the Queen’s jubilee

A £6bn increase in revenue is estimated, as Britons will enjoy a four-day break to celebrate their Queen

Recent research suggests that people will spend more than £2bn on food and drinks, while sales of pubs, bars and restaurants in England and Wales will rise up to £3bn.

According to a report from Opinium and Vouchercodes, 15 per cent of the population will attend street parties, with an estimated £600m to be spent on souvenirs and decorations related to the Queen.

The celebrations follow a two years long Covid-19-related restrictions period, so a huge number of people are expected to enjoy the parties, despite concerns for limited budgets amid costs increases for energy and food supplies. An 8% rise in visitors to retail destinations is also expected for the break, with more than £400m to be spend in local pubs.

“We sense there’s a real pent up desire among the population to get out and enjoy itself.

“At last, our beleaguered sector is able to look forward to the sort of trading period that will give it a massive boost as it sets out on the long road to post-pandemic recovery,” commented representatives of UK Hospitality, the British Beer and Pub Association and Hospitality Ulster trade organizations.

Food sales have also increased, after months of stagnation, market analysts say.

Lisa Hooker at advisory firm PwC declared:

“Despite the significant drop in consumer confidence shown by our most recent consumer sentiment survey, a difficult couple of years combined with the feel good factor of celebrating with family and friends could see positive results for grocers leading up to and across the platinum jubilee weekend.”

Nevertheless, all of these changes are considered to be only a “short term boost to sales”, as inflation will considerably affect family budgets in the near future.

 

source: theguardian.com