National celebrations have traditionally had a positive impact on retail footfall and spending behaviour.
According to retail specialists, Springboard, The Royal Wedding is expected to boost retail sales across the UK by an estimated £195.5 million by the end of August with footfall set to increase by an average of +0.3% over the next four months.
In May alone, UK retailers are set to receive a much needed boost with an estimated £93.1 million to be spent across UK high streets, shopping centres and out of town retail parks. ‘Royal Wedding Fever’ will see a further £102.4 million spent over the summer months of June, July and August.
Diane Wehrle, Insights Director at Springboard said: “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 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’. With a global spotlight on the UK direct tourist spend is set to rise by £48.9 million over the coming months and over £41.1 million is set to be spent on wedding linked merchandise.”