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The UK’s travel and tourism industry will see a boost of £249m over King Charles’ Coronation weekend, as consumers travel across the country to celebrate and millions across the UK make the journey to London to attend the historical event, according to a new report from VoucherCodes.
The King Charles III Coronation Report reveals that 4.1 million people in the UK are set to spend on travel over the bank holiday weekend, as they visit friends and family, go on staycations and journey to London for the Coronation celebrations.
The news comes as the British economy is forecast to see a boost of £8.01bn over the Coronation weekend, with consumers spending £3.22bn more than a typical May bank holiday.
The boost in spend is expected to come primarily from consumers booking staycations, with 1.8 million people set to spend £93m over the Coronation weekend. A further £85m is forecast to come from travel into London alone, as 2.3 million people are set to descend on the Capital for the celebrations. The same number will travel elsewhere in the country, spending £72m.
Whilst 53% of UK consumers will choose not to celebrate the Coronation, they’ll instead use their additional time off to shop, eat out and go on short breaks, all of which will also provide a welcome boost to the travel sector.
Maureen McDonagh, managing director and SVP International at VoucherCodes, said: “Whilst our research shows that sentiment towards the royals is mixed, the bonus bank holiday for King Charles’ Coronation will undoubtedly lead to a welcome surge in consumer spending for the tourism sector.
“Although not everyone will be celebrating the event directly, many consumers will take advantage of the extra time off work to go on weekend breaks and visit friends and family across the country.”
McDonagh added: “However, it’s important for the tourism sector to keep in mind that many consumers are still adapting to the pressures of the current economic climate, and value for money is front of mind. Customers should not only have a great experience, but should feel like they are getting a great deal too as this will ensure they return, and more importantly recommend your business to others.”
