New research estimates that the royal wedding celebrations this weekend will bring in £225m to the UK retail industry.
According to the study commissioned by VoucherCodes, Londoners are expected to spend the most on related memorabilia and food and drinks to celebrate the event (£106m), followed by Scotland where fans are predicted to spend £29m.
Other top five big spending regions include East of England (£14m), South East of England (£13m) and North West England (£10m).
VoucherCodes consumer editor Anita Naik said: “Brits are feeling positive about their finances as we head into the summer, and this combined with the warmer weather means the nation is more prepared to dig deep and celebrate the upcoming royal wedding.”
Separate research from KPMG predicts that based on purchase behaviour during last royal wedding in 2011, the UK could see a weekly retail increase of 17%, especially for food and drinks.
KPMG head of consumer markets Linda Ellett said: “The royal wedding can only be viewed as a positive event for consumer businesses, particularly in light of how difficult things have been in the sector recently.”
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“Thankfully though, royal weddings appear to have a more positive impact on these businesses. The wedding between the Duke and Duchess of Cambridge in April 2011 resulted in a monthly like-for-like retail sales jump 6.31%, and weekly sales up as much as 17%, compared to the same month and week the year before.
“Food and drink sales are the natural winners during times like these, as people come together and look to make the most of the moment. Indeed, UK publicans will be keen to make the most of extended trading hours this weekend. Meanwhile, many grocers have already sought to mirror the Anglo-American ties, with ingredients from both sides of the pond. This weekend will mark a prime opportunity to fly the flag for Brand Britain.”
Analysis from the New West End Company has revealed that London West End is home to 80% of royal warrant holders, with estimates that this royal stamp of approval is worth £160m a year to retailers.
Marks & Spencer has recently announced a royal rebrand in honour of the royal wedding, which will see the retailer become ‘Markle & Sparkle’ for the duration of the celebratory weekend from Friday to Sunday.
The campaign will see M&S Windsor’s store rebrand to a Markle & Sparkle fascia, while the M&S website, social media accounts and store windows in the eight royal boroughs will be rebranded to Markle & Sparkle.
M&S customers are also invited to take a picture and send their best wishes to the newlyweds through Markle & Sparkle selfie booths, which will be installed at all of the royal borough stores on the day.