The royal wedding is set to boost retail sales across the UK by an estimated £195m by the end of August, according to retail specialists Springboard.
According to the group retailers are set to receive a much needed boost in May, with an estimated £93.1m to be spent across UK high streets, shopping centres and out of town retail parks.‘Royal wedding fever’ will see a further £102m spent over the summer months of June, July and August.
Diane Wehrle, insights director at Springboard, said: “National celebrations have traditionally had a positive impact on both footfall and spending behaviour. 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.”
She added: “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.”