New Adobe research: Coronation weekend set to cost online retailers dear at £128 million
With many Brits planning to celebrate the Coronation weekend at restaurants, parties and so on, the event is set to leave a £128 million hole in UK online spending – equivalent to a fall of 26.6% on online spending compared with the same weekend period in 2022.
Adobe’s prediction is based on data from Adobe Analytics.
It takes into account transactions and trends seen year-to-date, as well as the impact of recent bank holidays on online spending, to predict digital commerce behaviour over the Coronation weekend.
The forecast represents the biggest year-over-year drop in online spending since the Queen’s Jubilee, which saw a 34% decrease when compared to the same three-day period in 2021.
Vivek Pandya, Lead Analyst at Adobe Digital Insights, says: “Bank holidays often drive a drop in online activity as people take holidays, and take the opportunity to meet up with friends and family.”
“This year, the extra bank holiday in May is expected to have a sizeable impact on online spending, despite the many Coronation shopping events and offers from retailers.”
we like to party
Data from PayPoint’s network of 28,000 retailer partners reveals what products the UK public have been buying ahead of the King’s Coronation on Saturday, 6th May.
Analysis of sales over April 2023 versus April 2022 show a marked increase in products essential for any street party or celebration with family and friends, as Brits stockpile everything they need for the bank holiday weekend.
Top products included striped paper straws (+1,100%), plastic cups (+600%), plastic spoons (+400%), foil trays (+209%) and cocktail sticks (+200%).
The top ten party products sold across the UK as follows:
Striped Paper Straws (+1,100%)
Plastic Cups (+600%)
Plastic Spoons (+400%)
Foil Trays (+209%)
Cocktail Sticks (+200%)
Baking Paper (+138%)
Plastic Plates (+74%)
Bamboo Skewers (+71%)
Plastic Shot Glasses (+67%)
Bin Liners (+64%)
Ben Ford, Retail Services Director at PayPoint, says: “Millions of people will be looking forward to the King’s coronation this coming weekend and it’s great to see that the British public has been heading to their local, independent retailers for the essentials they need to celebrate properly.”
“Our 28,000 retailer partners can always be relied upon due to their extensive stock and extended opening hours. While they offer a huge variety of services to local communities, I’ve no doubt that providing people with what they need to enjoy bank holiday festivities is one of the most rewarding.”
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