King Charles III’s coronation is expected to deliver £350 million ($435 million) in extra sales for UK pubs and restaurants, according to industry bosses.
(Bloomberg) — King Charles III’s coronation is expected to deliver £350 million ($435 million) in extra sales for UK pubs and restaurants, according to industry bosses.
Hospitality companies will benefit from the extra bank holiday on May 8 and an extension of alcohol licensing hours, which will run from 11 p.m. to 1 a.m. for much of the weekend.
The event “will be a huge lift to businesses dealing with record highs in energy, food and drink costs,” said Kate Nicholls, chief executive of UKHospitality.
Pubs have been affected by soaring energy bills — with the UK government scaling back support in April — as well as higher borrowing costs and double-digit inflation.
On Friday, however, UK businesses reported the fastest growth in a year, fueled by stronger-than-expected spending on services including entertainment and holidays.
Read More: UK’s Stronger Economic Data Lock In Case for Further Rate Hike
The coronation at Westminster Abbey On May 6 will see King Charles formally ascend to the throne, 70 years since the crowning of his mother, Queen Elizabeth II, who died last September. It forms the centerpiece of four days of celebrations, which also features the first ever concert in the grounds of Windsor Castle.
Heineken has predicted the country will drink 36.1 million pints of beer throughout the holiday.
Domestic and inbound tourism is also expected to rise. According to tourism body VisitBritain, flight bookings from the US for May 2023 are currently up 10% compared with the same month in 2019. US visitors spent £14 million per day in the UK on an average day in May 2019, it added.
“We know Bank Holidays bring an economic boost to the tourism industry, with the money generated going into local businesses and economies, supporting jobs. The additional spring Bank Holiday for the coronation will also help to kick-start the season, providing tourism businesses and destinations with much needed-cash flow after the lean winter months,” said Patricia Yates, chief executive of VisitBritain.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.