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Wedding windfall for retailers

Harry and Meghan effect set to boost sales across UK by £195million

  

THE royal wedding is set to boost retail sales across the UK by an estimated £195.5million according to the latest data – and footfall is expected to increase by an average 0.3 per cent over the next four months.

Retail intelligence firm Springboard expect the 0.2 per cent uplift in sales by the end of August, with an estimated £93.1m expected to be spent across UK High Streets, shopping centres and out-of-town retail parks this month (May) alone.
And following the big day this Saturday, May 19, royal wedding fever should see a further £102.4m spent over the summer months of June, July and August, giving retailers a much-needed boost.
Diane Wehrle, Springboard’s Insights Director, 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 five per cent in the week of the wedding, and then by an average of 0.9 per cent over the three months following the wedding as shoppers’ spirits were lifted and their purse strings loosened.
“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.
“However, we are still anticipating that spending on food and drink will rise by £33.2m while non-food which includes fashion will reach £48.9, as a result of the much talked-about Meghan Effect. “With a global spotlight on the UK direct tourist spend is set to rise by £48.9m over the coming months and over £41.1m is set to be spent on souvenirs, memorabilia and wedding-linked merchandise.”



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