Consumers are set to treat themselves to local getaways, meals out and increased home-based celebrations during the King’s Coronation bank holiday weekend, according to new data from digital advertising platform, Cardlytics.
Cardlytics has analysed spend data from over 24 million UK bank accounts across the two previous Easter bank holiday weekends, as well as the Platinum Jubilee bank holiday weekend in June last year – to forecast potential spending during the King’s Coronation.
The figures reveal the total sum of spending in pubs, restaurants, hotels and supermarkets during the Platinum Jubilee bank holiday weekend rose 17% when compared with Easter 2022, the previous four-day bank holiday weekend in the UK.
Businesses will be hoping for a similar uptick during May’s celebrations, as transaction values this Easter rose 7% across hospitality and supermarkets when compared to the Platinum Jubilee weekend – offering hope of returning consumer confidence across the UK.
Hotel reservations predicted to rise
Hotels across the UK are expected to see reservations on the rise during the King’s Coronation, having recorded a 23% surge in transaction volumes during the Platinum Jubilee bank holiday, with guests treating themselves during the additional long weekend. Total spend on hotels increased by the same percentage over the four days.
Year on year, the average transaction values and sum of spend per customer were similar across Easter, falling 2% and 1% respectively this year. This is likely to provide reassurance for hotels hoping for a boost in bookings across the King’s Coronation weekend, with the average transaction value sitting at £76.77 across the Platinum Jubilee bank holiday.
Individual spend in restaurants could be on the up
Restaurants may not see the crowds of diners recorded during the Jubilee weekend – with the number of transactions rising by 17%, when compared with Easter 2022 – but those eating out could be set to spend more per capita.
The number of customers eating out dropped 13% during Easter this year – when compared with the Platinum Jubilee weekend. However, average transaction values were up 12%, at £32.13 per transaction. This indicates that while many may choose not to dine out at restaurants this May, with the high cost of living firmly on people’s minds, those that do could be set to spend more during the celebratory weekend.
Pubs spend set to maintain bank holiday consistency
Pubs across the UK may see a moderate rise in customer spending this King’s Coronation – with average transaction values up 5% at £12.92 during Easter this year, when compared with the Platinum Jubilee weekend.
While individual spending has seen moderate gains this Easter, transaction volumes during the weekend fell slightly, recording a 3% reduction compared with the Platinum Jubilee weekend. The data indicates pubs may see trading consistent with a typical bank holiday.
Lucy Whittemore, VP of Advertising at Cardlytics, said: “It’s a promising sign for the hospitality industry and supermarkets that we’re set to see the number of people treating themselves increase across the King’s Coronation weekend – indicating a level of returning consumer confidence. Whether it’s celebrations at home or a weekend away, UK consumers are looking for ways to enjoy the bank holiday weekend with friends and family.
“For brands, it’s important they win their slice of this spending, not only encouraging customers with discounts and deals ahead of the weekend, but offering longer terms rewards to encourage loyalty once the festivities are over. This will be critical to demonstrating value for consumers, particularly as rising prices continue to impact budgets and planning.”
