Retailers are hoping to rake in a share of the £225 million that Brits are expected to spend as part of celebrations for the wedding of Prince Harry and Megan Markle this weekend.
According to new research from online vouchers retailer VoucherCodes, Londoners are expected to be the most patriotic, due to fork out £106 million on memorabilia, food and drinks to mark the big day.
They are followed by the Scots with £29 million and the East of England with £14 million.
Rounding out the top five big-spending regions are the South East of England and North West England, with £13 million and £10 million in spending predicted respectively.
READ MORE:
“Brits are feeling positive about their finances as we head into the summer, and this combined with the warmer weather means the nation is more prepared to dig deep and celebrate the upcoming Royal Wedding,” VoucherCodes consumer editor Anita Naik said.
Separate research from KMPG predicts that based on the uplift in retail sales during the last Royal wedding in April 2011, the UK could see weekly retail sales jump 17 per cent – with food and drink the natural winners.
“The Royal wedding can only be viewed as a positive event for consumer businesses, particularly in light of how difficult things have been in the sector recently,” KPMG head of consumer markets Linda Ellett said.
“Indeed, the latest BRC-KPMG Retail Sales Monitor recorded the sharpest sales drop in 22 years.
“Thankfully though, Royal weddings appear to have a more positive impact on these businesses. The wedding between the Duke and Duchess of Cambridge in April 2011 resulted in a monthly like-for-like retail sales jump 6.31 per cent, and weekly sales up as much at 17 per cent, compared to the same month and week the year before.”
Analysis from New West End Company has revealed that London’s West End is still home to 80 per cent of royal warrant holders, with estimates that this royal stamp of approval is worth £160 million a year to retailers.
Meanwhile, Marks & Spencer has announced a royal re-brand in honour of the Royal wedding, whereby they will become Markle & Sparkle from today until Sunday.
The campaign will comprise of M&S Windsor’s store being re-branded to a Markle & Sparkle fascia while M&S’s website, social media accounts and store windows in the eight Royal boroughs will re-brand to Markle & Sparkle.
M&S customers are also invited to take a picture and send their best wishes to the newlyweds via Markle & Sparkle selfie booths, which will be installed at all of its Royal borough stores on the day.
Click here to sign up to Retail Gazette’s free daily email newsletter
