Relaxing not retailing is what UK shoppers intend to do for King’s Coronation

The King’s Coronation ceremony scheduled on May 6, 2023, is expected to attract the attention of millions of people in the UK. But retailers may not reap much benefit, as shoppers in the UK plan to relax and not engage in retail activities, indicates a survey by GlobalData.

The GlobalData survey reveals that although 38.9% of consumers stated that they plan to celebrate the King’s Coronation in some way or another, few are planning events which would involve additional spend opportunities. Consumers are opting for cost-effective options with 76.2% planning to watch the event on TV leaving retailers disappointed as the occasion is forecast to have limited impact on sales.

While retail spend is likely to be limited during the event retailers may be able to entice some spend through the promotion of food & beverage items catering for consumers who plan to watch the event at home.

“Persistent high inflation in the UK has also put a dampener on events for consumers, with 52.8% of consumers agreeing that the cost-of-living crisis is likely to impact their spending when celebrating the King’s Coronation,” observed Tash Van Boxel, Retail Analyst at GlobalData.

RetailME Bureau