Coronation to be celebrated by relaxing, not retailing

Consumers are expected to use the King’s Coronation to rest and relax rather than an opportunity to shop.

Although 38.9% of consumers stated that they plan to celebrate the King’s Coronation in some way or another, few are planning events that would involve additional spending opportunities. Indeed, consumers are opting for cost-effective options, with 76.2% of consumers planning to watch the event on TV*, leaving retailers disappointed as the occasion is forecast to have a limited impact on sales.

Persistent high inflation in the UK has also put a dampener on events for consumers, with 52.8% of consumers agreeing that the cost-of-living crisis is likely to impact their spending when celebrating the King’s Coronation*.

While retail spending is likely to be limited during the event, retailers may be able to entice some spending through the promotion of food & drink items, which will enhance consumers’ celebrations of the King’s Coronation in their homes.

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.

*Data is derived from GlobalData’s April 2023 monthly survey of 2,000 respondents.