King’s Coronation set to generate £2.6bn for UK hospitality

King’s Coronation set to generate £2.6bn for UK hospitality

27 Apr    Finance News, News

The bank holiday for the King’s Coronation promises to be a bumper weekend for the UK hospitality industry.

New research from SevenRooms reports that the Coronation will create an additional £2.6 billion for the hospitality industry through consumer spending in restaurants, pubs and bars across the UK, with an average spend of £88.51 per head.

SevenRooms predicts that 29 million people are due to flock to hospitality venues over the three-day bank holiday weekend. Demand for restaurants, pubs and bars is even set to overtake that seen for the late Queen’s Platinum Jubilee in 2022, which saw 19 million Brits heading out and spending an average of £79 per head over the weekend, generating an estimated £1.5 billion in total.

Not only this, but establishments who have developed themed menus and activities for the Coronation are expected to draw in an additional £1.05 billion (£35.83 per head) for the industry, highlighting the growing demand for experience-led dining.

Danilo Mangano, Managing Director, International at SevenRooms, comments: “As the data shows, it is clear that people are keen to celebrate the Coronation by taking full advantage of the additional bank holiday in May this year. While we’re seeing a general trend towards consumers focusing on the quality of their hospitality experiences amid the cost of living crisis, the Coronation is giving them an excuse to enjoy themselves.

They’re also willing to spend more on unique and out-of-the-box experiences which are being offered by many venues across the UK to celebrate this momentous occasion. This reflects a wider trend towards experience-led dining and the desire for that something special. With many venues going the extra mile for the Coronation, restaurants that know their customers best and tailor menus for special events will continue to reap the benefits of guests’ appetite for outstanding hospitality experiences in the future.”

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