Despite King Charles’ face being printed onto UK bank notes, cash accounts for just 10% of transactions in the UK. During last year’s jubilee celebrations, pubs and restaurants saw a 50% increase activity over the period compared with a normal weekend. And despite the rising cost of living, the same is expected over the King Charles coronation bank holiday weekend.
President of Worldpay from FIS, Gabriel de Montessus tells EPI:
“Despite the cost-of-living crisis and uncertainty around the economy, the British public will be looking forward to the weekend’s coronation celebrations and will be making the most of the extra bank holiday weekend.
King Charles coronation: £104m boost to hospitality sector
Conservative estimates have predicted a £104m boost to the hospitality sector, and Worldpay’s analysis supports this. During last year’s jubilee celebrations, pubs and restaurants saw a 50% increase activity over the period vs a normal weekend.
“The businesses best equipped to make the most of this extra spending will be the ones tapping into technology to provide a seamless customer experience. This will be crucial in the hospitality sector, where solutions that allow customers to order in-app, as well as click and collect, will help alleviate bottle necks and offer speed of service.
“Integrating digital wallets into the payments experience can also add that extra boost when it comes to customer convenience. Digital wallets like Apple and Google Pay are now the UKs preferred way to pay online, according to Worldpay from FIS’ Global Payments Report. By 2026 they are projected to account for £420bn of spend between e-commerce and the high street.”
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King Charles coronation: Barclays, YouGov forecasts £180m boost to UK economy
Barclays is even more upbeat than Worldpay. Quoting YouGov research, Barclays forecasts that the Coronation weekend will bring in a potential £180m boost to the British economy.
According to YouGov research, hospitality and leisure SMEs expect an increase of £1,299.79 in revenue each on average across the weekend. Based on the ONS’ business population estimates, this is equivalent to 138,400 SMEs in ‘food and beverage service activities. This includes pubs, restaurants, bars and cafes. The result is an overall figure of £180m across the hospitality and leisure sectors.