ROYAL fans are forecast to spend £1.4billion on the King’s Coronation.
Families and tourists are expected to splash the cash on souvenirs, memorabilia, parties, booze, meals and hotel rooms in the run-up to the May 6 ceremony.
Patriotic shoppers are estimated to spend £1.4billion on the King’s CoronationPA
CRR director Joshua Bamfield says the King’s Coronation will generate much more money for the economy than its costRex Features
The Centre for Retail Research estimates £847million will be spent on parties alone.
Within this figure formal and informal street parties, barbecues and ‘having friends over’ should account for extra spending of £61 million.
While outlay on bakery, confectionery and non-alcoholic drinks will soar by a further £73.25 million.
The equates to a total coronation spend on food and party items of £134.25 million.
A further £56.55 million will be laid out on champagne, sparkling wine, table wines, beer, cider and spirits.
Spending on souvenirs and memorabilia are also set to rocket across the coronation to a massive £245.91 million.
The hospitality sector is also expected to get a boost from the King’s big day with pubs, bars and restaurants set to enjoy a bumper weekend of trade.
Pubs will be able to stay open for an extra two hours over the coronation weekend leading to a boost for the hospitality sector of £194.04 million.
Professor Joshua Bamfield, CRR director, said: “Millions of people want to make this an event to remember — particularly for children.
“Some may complain about the expense but we have shown it will generate £1.4billion — at least seven times its cost.”
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