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Thursday, June 8, 2023

Coronation of Charles III: discover how much the event should bring in… It’s colossal!

On May 6, Charles III will be crowned in Westminster Abbey, London. An event for which the British could open their wallets wide, according to the “Sun”.

God save the King! On May 6, the English will be celebrating as King Charles III will be crowned in the magnificent Westminster Abbey in London. A day so important for the Crown that is already preparing in the shadows for years under the name “Operation Golden Orb”.  And gold, the country could gain considerably thanks to this historic event. Indeed, according to the figures of the Centre for Retail Research, reported by the Sun on Sunday, April 2, families and tourists should spend 1.4 billion pounds sterling on this occasion. That’s all!

According to the forecast of our colleagues, the British and the curious from all over the world should spend a lot of money to buy souvenirs, commemorative items, alcohol or even meals before the ceremony on May 6. For example, the total cost of food and festive items for the coronation of the late Elizabeth II’s son alone is expected to be £134.25 million. Goodies and other souvenirs that will be sold en masse to remember the day are expected to account for £245.91 million of the total revenue. Finally, the hotel and restaurant sector will also be the big winners of this day organized in honor of the King. For example, pubs will be able to stay open for an extra two hours during the Coronation weekend, which will result in a gain of 194.04 million pounds for the sector, as reported by the Sun.

Britons ready to spend to make this event “unforgettable”

Interviewed by our colleagues, Professor Joshua Bamfield, director of the Centre for Retail Research, commented on this colossal revenue: “Millions of people want to make this event an unforgettable memory, especially for children.” A boon for England as the country goes through a major economic crisis that has caused many people to tighten their belts recently. For example, according to the Bank of England, inflation has reached 11% in one year and GDP has fallen by 0.3% in the third quarter of 2022.

Photo credits: Agency / Bestimage

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