We have no doubt that the spectacle of King Charles’ coronation will be magnificent, and we’re looking forward to three bank holiday weekends in May! But can stocking up on food, drink, and bunting really contribute to an uptick in the economy? The UK’s pandemic-battered retail and hospitality industries could have even more to celebrate in the coming weeks, as many are hoping that this will lead to a further boost.
Last year’s celebrations for the Platinum Jubilee seem to suggest that it can, since sales were £87 million higher than average during last year’s Platinum Jubilee. The economy benefited from a spending boom across hospitality, transport, entertainment, and food shopping as transactions soared. According to ONS, food sales rose by 3.1% in May 2022, as Britons stocked up in advance of the early June celebrations, and Kantar reported that ice cream sales increased over the Jubilee week by 35%, compared to the average in 2022.
The British Retail Consortium has predicted that given the King’s coronation will be such a historical event, we should expect an even larger uptick in retail sales, with consumers flocking to purchase coronation related-memorabilia, bunting, and food and drinks to celebrate the occasion.
Retail Media Group allows brands to reach millions of shoppers at the big three grocery stores: Tesco, Asda & Sainsbury’s. The celebrations will also provide a significant opportunity for retailers to drive revenue through our point-of-sale network. With millions of people expected to participate in the festivities, brands can utilise these trolley media formats to reach a wide audience and promote products and services related to the event.
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