King’s Coronation set to boost UK footfall as consumers mark “once in a lifetime occasion”

The King’s Coronation weekend, commencing 6 May 2023, is forecast to give annual footfall an uplift of 4% across all UK retail destinations, with high streets set to see a 5% annual increase.

Shopping centres will also see a 3% uptick, and retail parks a 4% jump, compared to the same weekend in 2022.

High street retailers will also see “a significant boost” on the bank holiday Monday (8 May) following the Coronation, up 12% from 2022, with an annual increase of 10% at UK shopping centres, according to the latest data from retail analysts MRI Springboard.

However, MRI Springboard predicts that on Saturday 6 May, the day of the Coronation, footfall will drop below the previous week by -8% across all UK retail destinations, largely due to strong footfall expected during the early May bank holiday weekend which precedes the Coronation.
The forecast boost to footfall is anticipated to close the gap to 2019 levels to -10% across all UK retail destinations over the Coronation weekend, with footfall at retail parks narrowing to just -3% below pre-pandemic levels.

Diane Wehrle, Insights Director at MRI Springboard, said: “The Coronation weekend will be a once in a lifetime event for UK consumers, offering a spectacle never seen before by most of the population. It is taking place the week following the early May bank holiday, when MRI Springboard expects footfall to rise by around 12% as consumers enjoy the warmer weather and the longer day light hours.

Therefore, on Saturday, the day of the actual Coronation service, MRI Springboard forecasts that footfall in high streets will be -7% lower than on the previous Saturday, and -10% lower in shopping centres.

“The stronger result in high streets compared to shopping centres is likely to be a result of some town and city centres holding events to celebrate the Coronation, and installing screens so that consumers can watch the Coronation service from the town centre. We forecast that footfall in retail parks will be -5% lower than the week before, following a rise in footfall to retail parks over the late May bank holiday driven by purchases of home and garden products as consumers make the most of two bank holiday weekends.

“On Sunday 7 May, footfall across all UK retail destinations is forecast to be marginally lower than on the previous Sunday (-2%), but again a rise in footfall in high streets is forecast as screens in town centres will be showing the Coronation concert making them attractive destinations for friends and families to gather for meals and drinks.

“In shopping centres footfall is forecast to be -8% lower than on the previous Sunday as high streets represent a greater lure with their strong representation of bars and restaurants from where customers can enjoy the Coronation concert.

“On Monday 8 May, footfall is forecast to be marginally lower than on the early May Bank Holiday Monday (-0.5%), with drops of -8% in retail parks and -1% in shopping centres, but with a forecast rise of 6% in high streets as shoppers enjoy the last day off before returning to work and school on the following day.”

Additionally, last week overall UK footfall increased by 1.7% on the previous week, and was up 4.2% compared to 2022 levels, while weekly footfall surged by 7.4% at MRI Springboard’s Central London ‘Back to the Office Benchmark’, as employees returned from the Easter break.