Britons 'to spend £823m' on Jubilee

Jubilee flagsBritons are set to spend £823 million celebrating the Queen's Diamond Jubilee, figures suggest.

An estimated 40% of the population plan to celebrate the event in some way, with 44% of women expecting to mark the day compared with 40% of men, a poll for MoneySupermarket.com found.
Those celebrating expect to spend an average of £40 per person on Jubilee-related purchases.

The survey found 21% plan to buy extra food and snacks and 17% will buy extra drinks, while 7% will buy decorations and 8% will purchase souvenirs.

Of those planning to watch the celebrations, the most (25%) will stay at home, 8% are expecting to party with family and friends and 6% will attend a street party. Some 4% will watch events from the pub and 3% plan to travel to London.

The predicted spending of £823 million compares to the £480 million 34% of Britons said they planned to spend celebrating the Royal wedding last year.

MoneySupermarket spokeswoman Clare Francis said: "Our research has shown the British public is gripped by Jubilee fever, with almost half of us keen to mark the 60th anniversary of the country's longest reigning monarch. With an extra day off work for most, it makes sense that people want to mark the occasion with a celebration of their own and that many plan to buy a keepsake.

"While it can be tempting to splash out on celebrating such a big event, you should still make sure you're making the most of your money and not paying a queen's ransom.

"Take some time to research special deals on everything from food and drinks to days out and you could save your family quite a lot of money. Comparing prices online and planning ahead are crucial if you want to have the best value celebrations."

British Retail Consortium economist Richard Lim said: "The Jubilee has the potential to create a feel good factor that lifts consumer confidence and persuades people to put their concerns to one side, even if only temporarily. It will certainly generate substantial sales of souvenir items and food and drink for parties and family events."

© 2012 Press Association
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