It will probably be the flagship weekend of the year 2023 on the other side of the Channel. The coronation of King Charles III this Saturday should be synonymous with a strong rebound in British consumption. According to NielsenIQ panelist estimates, 20% of households will purchase more food and/or specialty items to celebrate the event. In addition, 15% of households plan to buy souvenirs during this weekend that they will spend with family or friends.
This optimism is justified by the economic effects of one of the last great moments linked to the royal family. Almost a year ago, in Queen Elizabeth II’s jubilee week, total UK supermarket sales reached £2.7bn (more than €3bn), an increase of 10% compared to the annual average. According to NielsenIQ, “coronation week sales could reach similar levels.”
Mike Watkins anticipates a “massively celebrated event”: “Like last year’s Jubilee weekend, consumers should celebrate with refreshments and snacks at teatime, despite the current inflationary backdrop. This means there are opportunities , especially for premium private labels, to accommodate the event while remaining affordable to consumers.”
The beginnings of Holy Week
Mike Watkins insists in particular on a favorable context for promotions after the Easter period: “Food inflation reached +15% in April and sales growth slowed slightly after Easter. Inflation will continue to drive growth. value growth, but the current trend for consumers to buy fewer items with each visit puts pressure on retailers to attract new customers and drive sales.”
Thanks to a surge in promotional sales in recent weeks, Brits spent over £3bn over the Easter weekend, which is the biggest weekly spend this year (+21% compared to an average week in 2023). Thanks to higher discount levels from retailer loyalty programmes, UK supermarket promotions accounted for almost a quarter of all spend at FMCG in April, a record since December 2020.
Source: BFM TV
