Royal wedding fever set to boost retail spending by £195.5 million
The royal wedding is expected to provide an estimated £195.5 million boost to UK retailers over the next four months as the happy event encourages shoppers to loosen their purse strings, analysts have predicted.
Retailers are expected to see shopper numbers increase by an average of 0.3% over the months to the end of August, according to Springboard.
In May alone, royal wedding fever will see consumers spend an estimated extra £93.1 million across UK high streets, shopping centres and out-of-town retail parks - and a further £102.4 million over the summer months of June, July and August.
With the global spotlight on the UK, spending by tourists is expected to rise by £48.9 million over the coming months.
More than £41.1 million will be spent on wedding-related merchandise, Springboard has predicted.
Diane Wehrle, insights director at Springboard, said: "National celebrations have traditionally had a positive impact on both footfall and spending behaviour.
"Over the period of the royal wedding of the Duke and Duchess of Cambridge, footfall increased by 5% in the week of the wedding, and then by an average of 0.9% over the three months following the wedding as shoppers' spirits were lifted and their purse strings loosened.
"Whilst we are anticipating a rise in sales, we are forecasting that this increase will be around a quarter of that forecast for the previous royal wedding - in part as a result of the poorer trading conditions we are currently experiencing.
"However, we are still anticipating that spending on food and drink will rise by £33.2 million, whilst non-food which includes fashion will reach £48.9 million as a result of the much talked about 'Meghan effect'."
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