As the UK prepares for the upcoming King’s Coronation, retailers may not see a significant boost in sales, according to a recent consumer survey by data and analytics company, GlobalData. The survey found that although 38.9% of consumers plan to celebrate the event somehow, few are planning events that involve additional spending opportunities.
Tash Van Boxel, a retail analyst at GlobalData, commented on the survey results, saying, “Consumers are opting for cost-effective options, with a vast majority planning to watch the event on TV rather than attending events that would offer additional spending opportunities.” 76.2% of consumers plan to watch the event on TV, leaving retailers disappointed with the limited impact on sales.
High inflation in the UK also impacts consumer spending, with 52.8% of respondents agreeing that the cost-of-living crisis will likely affect their spending during the King’s Coronation.
Despite limited retail spending during the event, retailers can still entice consumers with promotions on food and drink items, enhancing their celebrations at home. Van Boxel advises, “Retailers must ensure that discounts and offers are in place in the lead up to, and throughout the event, allowing consumers to trade down from more expensive leisure options, such as dining out, to the cheaper option of having a special meal at home.”
While the King’s Coronation is anticipated to attract the attention of millions of people across the UK, consumers seem to opt for rest over retail during this time.
Written by: Jill Walsh
