The King’s Coronation is an upcoming event that is anticipated to attract the attention of millions of people across the UK. However, retailers may not reap significant benefits from this occasion as consumers are more likely to use it as a time to rest and relax than to shop, according to a recent consumer survey* by GlobalData, a leading data and analytics company.
The survey reveals that although 38.9% of consumers stated that they plan to celebrate the King’s Coronation in some way or another, few are planning events which would involve additional spend opportunities.
Tash Van Boxel, retail analyst at GlobalData, comments: “Consumers are opting for cost-effective options, with a vast majority planning to watch the event on TV rather than attending events that would offer 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 limited impact on sales.
Van Boxel explains: “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 spend is likely to be limited during the event, retailers may be able to entice some spend through the promotion of food & drink items, which will enhance consumers’ celebrations of the King’s Coronation in their homes.
Van Boxel concludes: “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.”
