Royal wedding fever set to boost retail spending by £195.5 million

The royal wedding is expected to provide an estimated £195.5 million boost to UK retailers over the next four months as the happy event encourages shoppers to loosen their purse strings, analysts have predicted.
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Retailers are expected to see shopper numbers increase by an average of 0.3% over the months to the end of August, according to Springboard.

In May alone, royal wedding fever will see consumers spend an estimated extra £93.1 million across UK high streets, shopping centres and out-of-town retail parks - and a further £102.4 million over the summer months of June, July and August.

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With the global spotlight on the UK, spending by tourists is expected to rise by £48.9 million over the coming months.

Meghan MarkleMeghan Markle
Meghan Markle

More than £41.1 million will be spent on wedding-related merchandise, Springboard has predicted.

Diane Wehrle, insights director at Springboard, 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 5% in the week of the wedding, and then by an average of 0.9% over the three months following the wedding as shoppers' spirits were lifted and their purse strings loosened.

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"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 as a result of the poorer trading conditions we are currently experiencing.

Meghan Markle shelters from the rain under an umbrella as she waves to wellwishers during a walkabout in Belfast after a visit to the Crown Bar in the city centre. PRESS ASSOCIATION Photo. Picture date: Friday March 23, 2018. See PA story ROYAL Harry. Photo credit should read: Joe Giddens/PA WireMeghan Markle shelters from the rain under an umbrella as she waves to wellwishers during a walkabout in Belfast after a visit to the Crown Bar in the city centre. PRESS ASSOCIATION Photo. Picture date: Friday March 23, 2018. See PA story ROYAL Harry. Photo credit should read: Joe Giddens/PA Wire
Meghan Markle shelters from the rain under an umbrella as she waves to wellwishers during a walkabout in Belfast after a visit to the Crown Bar in the city centre. PRESS ASSOCIATION Photo. Picture date: Friday March 23, 2018. See PA story ROYAL Harry. Photo credit should read: Joe Giddens/PA Wire

"However, we are still anticipating that spending on food and drink will rise by £33.2 million, whilst non-food which includes fashion will reach £48.9 million as a result of the much talked about 'Meghan effect'."

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