May is here. And this year, us Brits get a third Bank Holiday — thank you, King Charles. But retail experts tell us we’re getting much more than an extra lie-in this upcoming month. We’re also getting a royal recharge in terms of consumer spending.
Data derived by the British Retail Consortium (BRC) demonstrates that the cost of living crisis is having an impact on the high street. Retailers are feeling it, with increased business costs effecting some independents on the high street. However, hope is on the horizon, and the future looks bright for independent retailers, both short and long-term.
“Retail sales are usually boosted by large national events,” states James Hardiman, senior analyst at the BRC. “Given the King’s Coronation will be such a historical event, we expect an even larger uptick in retail sales, with consumers flocking to purchase Coronation-related memorabilia, bunting, and food and drinks to celebrate the occasion.”
Take last year’s Platinum Jubilee as an example: in June 2022, the UK economy saw a spending boom across all sectors. From hospitality to entertainment, market research firm Kantar reported an £87 million increase in the annual average. Industry insiders state something similar is due this year, too. According to the Centre for Retail Research, consumers are expected to spend more than £1.4 billion during The Coronation. Partly driven by the British population, and the 250,000 international tourists expected to touch down in May.
The big weekend commences on the 6th May 2023, and footfall is forecasted to see an increase of 4% across all UK retail destinations — high streets expect a 5% annual increase, shopping centres predict a 3% uptick and retail parks are set for a 4% jump, according to retail analysts MRI Springboard. “The Coronation weekend will be a once-in-a-lifetime event for UK consumers,” explains Diane Wehrle, insights director at MRI Springboard. “Offering a spectacle never seen before by most of the population. We expect footfall to rise by around 12% as consumers enjoy the warmer weather and the longer daylight hours.”
Royal celebrations have always been a big hit with us at Appear Here. In fact, it all started with a little shop for her royal highness, Queen Elizabeth. In the summer of 2012, our founder Ross Bailey had an idea to launch a brand, just in time for the Queen’s Diamond Jubilee — they called it Rock and Rule. The London-based store popped up selling rebellious limited edition T-shirts and apparel on the cobbled streets of Soho. It may have been banned by Buckingham Palace (but that’s another story).
Fast forward to today and Appear Here has grown into an international retail brand utilised by thousands of international brands, independent designers and ambitious startups.
It’s safe to say, at Appear Here we consider ourselves Royalists. Especially when the King’s accolades are in line with ours. When his majesty launched The Prince’s Trust’s Enterprise Programme in 1983, he set out to help young people start a business — in September 2020, The Trust announced that it had supported 1,000,000 budding entrepreneurs to date. Since our inception, we’ve gone on to help over 250,000 global brands and creatives bring their ideas to life. And we have no intention of slowing down.
So, with what they're calling ‘Mega May’ just around the corner, things are starting to look a lot brighter. And we don’t just mean the weather.
If you're looking for space to launch your brand during this festive period, check out our available spaces now.