The coronation of King Charles III is a 2.3-billion-pounds event

«Retail sales are generally boosted by major national events,» British retail consortium (brc) said. «Given that the King’s coronation will be a historic event, we expect an even greater increase». The forecast is therefore excellent for the celebrations, which start today and run through monday, and are estimated to generate 665 million pounds for the British economy. A strong boost will come from tourism, as the Center for economics and business research (cebr) has estimated an increase of 337 million pounds from extra tourism, while VisitEngland predicts a much higher increase in domestic travel over the weekend of 1.2 billion pounds (equivalent to 1.36 billion euros, at yesterday’s exchange rate). In terms of international travel, airline Vueling has reported a 23% growth in bookings for flights from Italy to London, while the increase in Spanish flights is 34%.

The value of the ceremony

However, the total cost of operation golden orb (code name for the event, ed.) still remains a secret, although Buckingham palace recently said it will reveal all details in due course. For now, the British tabloids have estimated the value to be between 100 million pounds and 120 million pounds, while those for security are higher and are estimated at around 150 million pounds. Charles III has certainly opted for a more low-cost ceremony than the one organized for Queen Elizabeth II in 1953. The guest list that will gather in Westminster abbey has been reduced to 2,000, compared to the 8,000 people who had attended his mother’s big day, and many formalities have been eliminated. The new King preferred a more modern coronation that would be more in keeping with the new face he wants to give to the British monarchy. Tradition will be respected in terms of the sovereigns’ return to Buckingham palace in the historic gilded carriage, made in 1760 and used for every coronation since William IV’s in 1831, but the route to be taken will be shorter than that of past monarchs. All unnecessary trappings will also go away.

Analysts forecast boom in souvenir sales

However, it is not just King Charles’ cuts that will offset the costs of the celebrations. The British monarchy has a very high attractive power, especially for foreigners, and it boosts tourism in the country. Alongside tourism, there are sales of souvenirs, merchandising, or even ordinary goods, which are increased thanks to the influx into the city’s stores. An analysis by Brand finance reported that the value of sales could reach 190 million pounds. Retailers know this and many have already activated promotions and offers for the day, while others have made commemorative items. Deakin & francis, a jewelry brand highly valued by King Charles III, has made coronation cufflinks for 340 pounds, while Hackett London is offering a coronation pocket handkerchief for 74 pounds.

How much is the live show worth?

In addition to the aforementioned income boost from travel to the capital, it is important to mention the television rights sold worldwide to broadcast the ceremony and allow those who were unable to travel to London to attend. The big event will be aired by Cnn starting at 12 pm, Italian time, and will keep viewers from all countries glued to their televisions. According to Brand finance, media coverage of the event alone is expected to bring 375 million pounds. Whether the predictions will be correct, and the Royal family will be bringing more benefits than costs to the Uk with the coronation will only be known when the festivities are over, in the meantime we can join Brits and chanting «God save the King». (All rights reserved)