Royal fans will spend £1.4bn on parties and souvenirs for the King’s coronation

ROYAL fans are expected to shell out £1.4billion for the King’s coronation.

Families and tourists are expected to spend the money on souvenirs, memorabilia, parties, alcohol, meals and hotel rooms in the run-up to the May 6 ceremony.

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The Center for Retail Research estimates £847m is spent on parties alone.

Within that figure, formal and informal street parties, barbecues and ‘friends over’ should account for an additional £61m in spending.

While spending on baked goods, confectionery and soft drinks will increase by a further £73.25m.

That equates to a total Coronation spend on food and party favors of £134.25m.

A further £56.55million will be spent on champagne, sparkling wine, table wines, beer, cider and spirits.

Spending on souvenirs and memorabilia is also set to surge to a massive £245.91million during the coronation.

The hospitality sector is also expected to get a boost from the King’s big day as pubs, bars and restaurants enjoy a packed trading weekend.

Pubs can stay open an extra two hours over Coronation weekend, resulting in a £194.04million boost to hospitality.

Professor Joshua Bamfield, CRR Director, said: “Millions of people want this to be an event to remember – especially for children.

“Some may complain about the costs but we have shown they will bring in £1.4billion – at least seven times their cost.”

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