Jubilee £6bn Boost for UK Businesses
Thank you, Ma’am! The four-day celebrations for the Queen’s platinum jubilee provided a welcome boost for UK retail and hospitality businesses.
Reports suggested that revellers were expected to spend over £6bn over the course of the celebrations. Over £2bn was expected to be spent on food and drink supplies, with almost £3bn to be spent in pubs, bars and restaurants.
Revellers were expected to spend over £6bn over the course of the celebrations
The four-day break provided the ideal set-up with the two bank holidays coinciding with half-term breaks for most schools in England and Wales.
Despite nationwide concerns over personal budgets amidst the rise in energy bills and inflation, the long weekend was still expected to prompt a visit to the shops. Analysts suggested there would be an 8% rise in visitors to retail destinations in the week leading up to the celebrations.
In a joint statement, the trade organisations UK Hospitality, the British Beer and Pub Association and Hospitality Ulster commented on the much-needed lift for both income and employee morale this would bring to the sector.
“We sense there’s a real pent-up desire among the population to get out and enjoy itself.”
At last, our beleaguered sector is able to look forward to the sort of trading period that will give it a massive boost as it sets out on the long road to post-pandemic recovery,”