Royal fans set to spend £1.4billion on parties and souvenirs for King's Coronation

ROYAL fans are forecast to spend £1.4billion on the King’s Coronation.

Families and tourists are expected to splash the cash on souvenirs, memorabilia, parties, booze, meals and hotel rooms in the run-up to the May 6 ceremony.

The Centre for Retail Research estimates £847million will be spent on parties alone.

Within this figure formal and informal street parties, barbecues and ‘having friends over’ should account for extra spending of £61 million.

While outlay on bakery, confectionery and non-alcoholic drinks will soar by a further £73.25 million.

The equates to a total coronation spend on food and party items of £134.25 million.

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

Spending on souvenirs and memorabilia are also set to rocket across the coronation to a massive £245.91 million.

The hospitality sector is also expected to get a boost from the King’s big day with pubs, bars and restaurants set to enjoy a bumper weekend of trade.

Pubs will be able to stay open for an extra two hours over the coronation weekend leading to a boost for the hospitality sector of £194.04 million.

Professor Joshua Bamfield, CRR director, said: “Millions of people want to make this an event to remember — particularly for children.

“Some may complain about the expense but we have shown it will generate £1.4billion — at least seven times its cost.”