British supermarkets are expected to experience mini-boost in trade coming up to the Queen’s Platinum Jubilee despite cost of living concerns.
The demand for alcohol, soft drinks, barbecue food and dessert ingredients are expected to soar as the two bank holidays on 2 and 3 June are forecasted to have decent weather.
According to market researcher Kantar, UK supermarkets saw a 10% boost in sales in the week leading to the Diamond Jubilee in 2012.
“We should never underestimate the appetite for a party, especially a royal one,” Kantar head of retail and consumer insight Fraser McKevitt said.
Marks and Spencer CEO Steve Rowe said last week its customer research had shown at least 40% of the UK population planned to have a street party.
“These things tend to come together very quickly at the last minute… We’re looking forward to a good celebration with her majesty,” Rowe added.
Additionally, Sainsbury’s said it would expect a 30% increase in sales of store cupboard staples such as flour, eggs and icing sugar in the week leading to the Jubilee compared to a regular week.
Waitrose also claimed that on sales of savoury pastry went up by 14% in the past week year on year, while rose wine sales increased by 18%.
The retailer also said sales of Dubonnet, the Queen’s favourite wine, was up by 50% compared to last year.
However, the boost in sales in expected to be short-lived as Britons continue to face a squeeze on disposable income with inflation hitting a 40 year high at 9% in April.
Last week the government announced a £15 billion package of support including a £5 billion windfall tax – to support those struggling.