One in five (20%) British households say they will be stocking up on extra or special groceries for King Charles’ Coronation this bank holiday weekend.
According to the latest data from retail market analysts NIQ, beers, wines and spirits are likely to be the main driver for supermarkets with the British monarch set to be officially crowned at Westminster Abbey on May 6.
The market researcher also discovered that 15% of UK households intend to buy coronation-themed memorabilia.
Additionally, UK supermarket giants and FMCG brands have been rolling out new ranges and products to celebrate the historic occasion.
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NIQ noted that the late Queen Elizabeth’s Jubilee week last June saw sales at UK supermarkets top £2.7 billion pounds – a 10% increase on the year-to-date average.
However, Pantheon Macroeconomics estimated Britain’s Gross Domestic Product (GDP) will slip by 0.2% month-to-month in May, due to the lost working day on Monday 8 May.
NIQ’s UK head of retailer and business insight Mike Watkins said: “As we saw over the Jubilee weekend (in June 2022) shoppers celebrated with fizz and teatime treats, so there could be a demand for similar products this year despite shoppers wanting to make savings.”
He added: “This means opportunities for premium own label products that complement the occasion and meet the price point of consumers. Moreover, beers, wines and spirits could be a footfall driver as people look to commemorate and entertain.”
