With Royal fever sweeping the nation, many are planning to celebrate at events, restaurants, and Coronation parties. In contrast, the Coronation is set to leave a £128m hole in UK online spending – equivalent to a fall of 26.6% on online spending compared with the same weekend period in 2022.
Adobe’s forecast is based on data from Adobe Analytics. It takes into account transactions and trends seen year-to-date, as well as the impact of recent bank holidays on online spending[1], to predict digital commerce behaviour over the Coronation weekend.
The forecast represents the biggest year-over-year drop in online spending since the Queen’s Jubilee, which saw a 34% decrease when compared to the same three-day period in 2021.
Vivek Pandya, lead analyst at Adobe Digital Insights, said: “Bank holidays often drive a drop in online activity as people take holidays, and take the opportunity to meet up with friends and family. This year, the extra bank holiday in May is expected to have a sizeable impact on online spending, despite the many Coronation shopping events and offers from retailers.”
Data from the Easter bank holiday, spanning Friday 7th April to Monday 10th April, saw consumers spend less 15% less online than the 2022 Easter Weekend (Friday 15th April to Monday 18th April).
Analysis based on historic impact of Good Friday and Easter Monday 2023, the early and late May bank holidays in 2022, and the Platinum Jubilee bank holiday in June 2022.
