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Royal Wedding Research
THE ROYAL WEDDING - NEW ESTIMATES OF FORECAST RETAIL SPENDING
The Centre for Retail Research Limited, sponsored by Kelkoo, estimates the retail gain from the royal wedding as £527.1 million. Because the wedding is going to occur in April, we have revised downward our estimate of food spending, although this is counterbalanced by the fact that the day is a public holiday.
|Our new estimates are:|
|Food/drink celebration spending||
|Souvenirs, memorabilia, and wedding-linked merchandise||
|Additional tourist retail spending||
|Additional Bank holiday retail spending||
What will the weather be like? Answer: reasonable
Brian Gaze from TheWeatherOutlook (http://www.theweatheroutlook.com/) gives this special forecast
" ... along with recent weather patterns, and weather patterns during past Aprils, I am at this stage hopeful that the weather for the royal wedding in London will be reasonable. It's not possible at this range to give specific forecast details for a single day, but I would not be surprised to see temperatures of 13C - 15C in London, with bright spells and mostly dry conditions during the course of the day, with northern and western parts of Britain probably cooler, and more likely to see showers at times."
In contrast to earlier expectations, we cannot see more than 1,500 street parties being held in the UK and it could be less than this. A June date would have been much better. Nonetheless people will celebrate at home or in pubs and restaurants.
Likely Sales Uplifts are likely to be -
- 1/2 million bottles of champagne, 3.5 million commemorative mugs and pottery, 5 million coins and tokens, 360000 extra tourists, and lots of flags and things.
- Total spending on merchandise should reach £157.5 million (excluding food items).
- The biggest sellers will be souvenirs including tea towels, tea caddies, trays, models and flags worth £26.9 million.
- Commemorative books, biographies and albums - around 1.5 million units worth £22.5 million.
Bank Holiday Retailing
Friday 29th April will be a Bank Holiday and we expect additional retail sales of £110.0 million on the Friday and Saturday caused by people who are unsympathetic, who just prefer shopping, or those who cannot let a useful shopping day pass by without recognition in some form.
We expect £90.7 million (17.2% of the extra retail spending) to be done online. And consumers will do this during the royal wedding as well as before and afterwards.