Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Cost of living: Platinum Jubilee 'boost' for shops and hospitality despite squeeze on incomes

Cost of living: Platinum Jubilee 'boost' for shops and hospitality despite squeeze on incomes

Two indicators of consumer spending suggest that retailers and hospitality have good cause to toast the Queen's Platinum Jubilee but it could prove to be a short-lived boost to their coffers as rising bills dampen wider demand.
Retailers, along with pubs and restaurants, have enjoyed a "welcome boost" from the four-day weekend celebrating the Queen's Platinum Jubilee, according to two measures of consumer spending.

Early data covering sales and the volumes of people out and about for the public holiday suggested Britons spent heavily on having fun with friends and family following a tough couple of years for stores and hospitality because of COVID restrictions.

This year, the UK's services-dominated economy has slowed as consumer budgets have become squeezed by the intensifying cost of living crisis.

But figures from the British Retail Consortium (BRC) and Sensormatic Solutions showed footfall over the long weekend rose 6.9% compared with the average for May and was 17.1% up for the full week to Sunday.

The BRC said Thursday was the best performing day, with a 45.6% improvement, versus the May average.

Data from Barclaycard Payments - which accounts for almost a third of all card spending in the UK - backed up the increase.

It pointed to a 41.5% rise in spending at restaurants over the Bank holiday weekend compared to the same period last year.

Spending was up 74.2% at pubs, bars and night clubs, while spending on entertainment was up 67.3% and spending on public transport was up 38.8%, the figures showed.

BRC chief executive Helen Dickinson said: "The public took to the streets for the Jubilee celebrations, with retail footfall enjoying significant improvements over the early parts of the long weekend.

"More people hit the shops, with many on the hunt for Jubilee decorations, garden accessories and new outfits."

Supermarkets and the pub sector had been among those speaking of their hopes, in advance of the Platinum Jubilee, of strong demand.

Barclays Payments CEO Rob Cameron said of the performance: "Despite wider concerns around the cost of living, the hospitality sector especially will be pleased by this welcome boost having missed out on two years of unrestricted trading."

However, as official data has shown, the spending spree is likely to be short-lived as households grapple rising inflation - tipped to exceed 10% later this year - driven mostly by unprecedented increases in energy bills across the economy linked to the war in Ukraine.

Data from the BRC for May retail spending, due to be published on Tuesday, is expected to show a fall in May as shoppers tightened their belts amid rising prices across the board.

Fresh Barclaycard data covering the month was also tipped to demonstrate a focus on paying bills for essentials, including energy, while luxuries such as streaming subscriptions continued to decline.

The government announced last month a £15bn package of additional support for households, with a focus on helping the most vulnerable, after the energy regulator estimated that the energy price cap could rise by £830 annually to £2,800 on average in October.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Woman Receives Gift Card for Christmas – Discovers It Is ‘Worth’ 63,000,000,000,000,000 Pounds
United Nations Calls for Global Action Against Disinformation and Hate Speech Online
Tucker Carlson warns of an inevitable clash in Western societies over mass migration
OpenAI CEO Sam Altman praises the rapid progress of Chinese tech companies.
Poland's President Karol Nawrocki ENDS support for Ukrainian citizens:
Italy's PM Giorgia Meloni highlights record employment and economic growth
Chancellor Friedrich Merz Re-elected as CDU Leader, Opposes AfD Influence
Trump Directs Government to Release UFO and Alien Information
Trump Signs Global 10% Tariffs on Imports
UK Government Considers Law to Remove Prince Andrew from Royal Line of Succession
Two teens arrested in France for alleged terror plot.
US Supreme Court Voids Trump’s Emergency Tariff Plan, Reshaping Trade Power and Fiscal Risk
Greek Prime Minister Kyriakos Mitsotakis advocates for a ban on minors using social media.
Meanwhile in Time Square, NYC One of the most famous landmarks
Jensen Huang just told the story of how Elon Musk became NVIDIA’s very first customer for their powerful AI supercomputer
Former British Prince Andrew Arrested on Suspicion of Misconduct in Public Office
Former President Yoon Suk Yeol Sentenced to Life in Prison for Abuse of Authority
Unitree Robotics founder Wang Xingxing showcases future robot deployment during Spring Festival Gala.
German Chancellor Friedrich Merz calls for real name use on social media.
Italian Police Arrest Man After Alleged Attempt to Abduct Toddler at Bergamo Supermarket, Child Hospitalised With Fractured Femur
British Tourist Arrested at Hong Kong Airport After Meltdown and Vandalism
European Commission Plans Purchase Incentives Limited to Vehicles Manufactured Largely in the EU
French District of Pas-de-Calais Introduces Immediate License Suspension for Drivers Using Mobile Phones
Volkswagen Targets €60 Billion in Cost Reductions as Sales Decline and Global Pressures Intensify
Eighty-Year-Old Lottery Winner Sentenced to 16.5 Years for Drug Trafficking
Rubio Calls for Sweeping U.N. Reform, Saying It Has Failed to End Wars in Gaza and Ukraine
10,000 Condoms Distributed at Winter Olympics 2026 Athlete Village Depleted Within 72 Hours
Poland's President Advocates for Evaluating Independent Nuclear Weapons Development
Mayor of Serdobsk in Russia’s Penza Region Resigns After Housing Certificates Granted to Migrant Family Trigger Public Outcry
China’s EV Makers Face Mandatory Return to Physical Buttons and Door Handles in Driver-Distraction Safety Overhaul
UK Green Party Considering Proposal to Legalize Heroin for an Inclusive Society
OpenAI and DeepCent Superintelligence Race: Artificial General Intelligence and AI Agents as a National Security Arms Race
We will protect them from the digital Wild West.’ Another country will ban social media for under-16s
Heineken announces cut of 6,000 jobs due to declining beer demand
Apple iPhone Lockdown Mode blocks FBI data access in journalist device seizure
Belgium: Man Charged with Rape After Faking Payment to Sex Worker
KPMG Urges Auditor to Relay AI Cost Savings
Canada Opens First Consulate in Greenland Amid Rising Geopolitical Tensions
China unveils plans for a 'Death Star' capable of launching missile strikes from space
Investigation Launched at Winter Olympics Over Ski Jumpers Injecting Hyaluronic Acid
U.S. State Department Issues Urgent Travel Warning for Citizens to Leave Iran Immediately
Wall Street Erases All Gains of 2026; Bitcoin Plummets 14% to $63,000
Eighty-one-year-old man in the United States fatally shoots Uber driver after scam threat
Political Censorship: French Prosecutors Raid Musk’s X Offices in Paris
AI Invented “Hot Springs” — Tourists Arrived and Were Shocked
France Begins Phasing Out Zoom and Microsoft Teams to Advance Digital Sovereignty
Tech Market Shifts and AI Investment Surge Drive Global Innovation and Layoffs
Global Shifts in War, Trade, Energy and Security Mark Major International Developments
Markets Jolt as AI Spending, US Policy Shifts, and Global Security Moves Drive New Volatility
Tesla Ends Model S and X Production and Sends $2 Billion to xAI as 2025 Revenue Declines
×