King Charles’s Coronation sparked a major uplift for small businesses as the public flocked to entertainment venues, bars and restaurants over the three-day bank holiday weekend. Data from SumUp, a leading mobile point-of-sale company that enables merchants to process card payments, shows that a host of retailers benefited financially from the royal festivities. The findings, shared exclusively with Express.co.uk, mirrors the boost provided by the Queen’s Platinum Jubilee and shows that Britons were keen to head out to celebrate landmark royal events.
SumUp has gathered data from thousands of card reader transactions across the UK over the Coronation weekend and compared it to those made two weekends before, between April 22-24.
The figures show small businesses saw a surge in both the total value and the number of transactions over the historic weekend.
Entertainment venues saw the biggest increase in takings, as music or concert venues and cinemas logged a 65.5 percent increase in revenue on card readers. The number of transactions surged by almost half (47.1 percent).
Food trucks and carts received a boost from people grabbing a meal on the go, prompting a 37.3 percent increase in takings. Fast-food restaurants also saw a 17.1 percent uptick in business.
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Other big winners from the Coronation weekend include bars and clubs, with a 36.4 percent increase in takings, while restaurants and cafes reported a surge of 21.2 percent.
Tourism also boomed, as hotels saw a 37.1 percent growth in transaction volume.
Charities also saw their fundraising efforts rewarded over the Coronation weekend, with a 14.3 percent increase in card reader donations.
Nina Etienne, VP at SumUp said that the boost to business came at the perfect time after many retailers faced a tough winter with rising energy bills and customers tightening their belts.
She told Express.co.uk: “In spite of the weather, the Coronation provided hard-pressed UK businesses with a much-needed trading boost.
“After a difficult winter period, in which many independent businesses experienced challenges, it was great to see consumers flood the streets to witness the event and support UK SMEs.”
Ms Etienne added that the surge in profits seen over the Coronation weekend mirrored the success of the late Queen Elizabeth II’s Platinum Jubilee last June.
She said: “Historically, royal events have often provided much-needed respite to merchants across the UK; SumUp registered similar increases in business for the Queen’s Jubilee last year, showing that even during periods of financial uncertainty – and unpleasant weather – the public are happy to come together and celebrate as a nation.”
The Government has not yet revealed how much was spent on King Charles’s Coronation, but it was estimated to have cost taxpayers between £50-100million.
The Department for Digital, Culture, Media and Sport (DCMS) is due to reveal the cost in due course, having previously said it was “unable to give costs, or a breakdown of funding” until after the event.
But many were optimistic that the Coronation would bring in more revenue for the country that it lost.
UK Hospitality, which represents bars, restaurants and hotels, believed the Coronation will deliver a £350million boost for the sector. It has not yet had sufficient time to give real date from the weekend.
David Haigh, CEO of consultancy firm Brand Finance previously told Express.co.uk that the economic benefits of the Coronation would far outweigh the costs.
He said the Coronation will bring a “whole series of revenue lines”, with merchandise and food and drink being two key drivers, especially with the extended licensing hours.
