Coronation: How much will it be worth to the West End?
Retail and hospitality businesses across London’s West-End are gearing up for a £50m boost during the Coronation weekend, as a flock of tourists will help temporarily relieve inflationary and cost of living woes.
According to figures from New West End Company, which represents 600 retail, restaurant, hotel and property owners spanning from Bond Street to Mayfair, some 1.75 million domestic and international tourists arriving to celebrate the crowning of England’s new King will provide a 24 per cent boost on last May’s bank holiday.
The once in a lifetime event, which last took place in 1953, has also sparked a growing interest from US tourists with bookings from America up 144 per cent.
It appears that historic events tend to result in a rise in consumer spending, with new data by Cardlytics also showing that spending in pubs, hotels, restaurants and supermarkets rose 17 per cent during the Platinum Jubilee bank holiday, when compared with the 2022 Easter long weekend.
“London’s West End will be transforming itself in the coming days to mark this historic, British milestone. There is no better place to celebrate the Coronation than London, and no better place to take part than in the West End,” Dee Corsi, chief executive of New West End Company said.
She added: “Uniquely British events, such as The King’s Coronation show our capital at its very best. We’re expecting a flood of domestic and international visitors drawn by the chance to be part of history and make memories that can only be made in our victorious West End.”
It appears that historic events tend to result in a rise in consumer spending, with new data by Cardlytics also showing that spending in pubs, hotels, restaurants and supermarkets rose 17 per cent during the Platinum Jubilee bank holiday, when compared with the 2022 Easter long weekend.
It comes as retailers have been struggling to drag shoppers back to the shopping district due to high inflation with Corsi previously telling City A.M that footfall in the region remains 20 to 30 per cent below pre-pandemic levels.
Corsi added: “The West End’s recovery is on track, but in order to ensure it remains globally competitive, the UK needs to increase its appeal to high spending international visitors.
“We strongly encourage the government to consider low-cost growth measures, such as a reconsideration of the abolition of tax-free shopping and an extension of Sunday Trading Laws, to guarantee the long-term success of Britain’s tourist economy.”