Over the extended bank holiday weekend, Britain has been seized by a Platinum Jubilee frenzy, with spending expected to top £3 billion.
The gloom of the economic downturn is being brushed aside by millions of people eager to relax, have fun, and take part in special activities, as the four-day vacation restores the ‘feel good factor.’
The retail, bar, and hospitality industries, as well as tourist attractions, are likely to benefit the most.
An estimated 90million pints will be sold, resulting in a £105million boost for the pub trade – around 50 per cent more than a regular bank holiday – according to the British Beer & Pub Association.
On Monday, brewery Greene King will kick off celebrations by selling customers a pint of IPA for just 6p – the same price as in 1952 – at its 408 sites.
Millions will enjoy street parties and other events from Thursday to Sunday, with spending predicted to be around 40 per cent higher than for the Diamond Jubilee ten years ago.
Richmond upon Thames, Surrey, appears to be Britain’s street party capital with 331 events approved by the council, up by 99 on the Diamond Jubilee.
Booming sales forced the Royal household’s online shop to temporarily halt taking orders after it ran out of memorabilia.
Supermarkets are selling out of Jubilee ranges. Marks & Spencer is offering everything from Corgi-themed cakes to patriotic cheeseboards, supersize HRH sausage rolls, ales and liqueurs.
Tesco predicts it will sell 60,000 rolls of bunting – enough to wrap around Windsor castle 10 times – and 50,000 Union Jack plates. The retailer has ordered in an extra 4million bottles of gin, 150,000 bottles of champagne and the same of Pimm’s. The extended bank holiday is particularly good for hospitality, the third largest private sector employer in the UK.
Chief Executive of the British Beer & Pub Association, Emma McClarkin, said: ‘Pubs are looking forward to leading celebrations in their communities.’
A consumer survey said average spending per person over the bumper bank holiday is set to reach £52 – which equates to £2.8billion as a nation.
Separate estimates by the Centre for Economics and Business Research suggest extra spending across the four days would be £1billion – 80 per cent to retailers and 20 per cent to hospitality.
One in five (19 per cent) will mark the event at the pub and more than one in seven plan to host or attend a street party.
Nearly half (47 per cent) of Britons planning to celebrate said they would do so on Saturday, with 28 per cent on Sunday and 9 per cent on Monday. The survey was commissioned by TopCashback, whose spokesman said: ‘Many of those choosing to celebrate are picking lower cost activities such as spending time with family and friends, going to the beach or having a picnic.’