London will receive a tourism boost worth over £205million during Coronation fortnight, helped by the arrival of 30,595 more overseas visitors than last year, research by Key Data reveals today.
The historic event has sparked a surge in bookings with international visitor numbers up 75.1% compared with the same period last year. Overall arrivals in London, including from across the UK, are 47.4% higher year on year. This compares with just a 9% rise in the number of people taking trips in England as a whole.
Analysis from Key Data, which tracks trends in the short term rental market, shows London can expect an extra 30,595 overseas visitors during the Coronation fortnight, totalling 71,378 foreign tourists. That alone has provided the capital with an additional revenue windfall worth an estimated £20m, including spending money and the cost of hotels and short-term rental accommodation.
All international visitors to London will spend an estimated £67,614,561 during the first half of May1 — while all 192,406 tourists in the capital will shell out an estimated £205,137,727 over the same period, providing a massive lift to the hospitality and tourism industries.
Nightly rates are up approximately 16% year on year to £186 while there has been a 29.4% improvement in occupancy. While the supply of hotel rooms will have remained relatively static, the number of short term rentals available over the Coronation fortnight has climbed 6.5% on last year to 81,818.
Revenue per available room (RevPAR) — a key measure of revenue strength across the hospitality industry — is up a staggering 50.1% annually. Short term rental operators in the capital are enjoying a 59.9% increase in revenue overall.
Sally Henry, VP of Business Development at Key Data, said:
”London will be full to bursting as royal fans from all over the world head to the capital to experience the atmosphere generated by this historic moment for themselves.
“London is always a popular destination for both domestic and international tourists, driving huge numbers of visitors all year round. The jump we’re seeing over Coronation fortnight is testament to the pulling power of the history and pageantry Britain is so famous for. The crowning of a king has become the crowning glory in London’s economic story this year and it’s the entire tourist industry’s chance to shine on the world stage.
“Short-term rental hosts are really feeling the benefit because they’re the cornerstone of London’s tourism economy. Occupancy, average daily rates and RevPAR are all up, but so are the number of properties on offer. This speaks to how the short-term rental industry has this incredibly important flexibility built in, which the traditional hotel industry just cannot offer.”