King Charles III’s Coronation is expected to cost online retailers £128 million, as people are planning to celebrate the day with parties and events, new data has revealed.
According to Adobe Analytics, online spending is expected to drop by 26.6%, compared with the same weekend period last year, alongside the effect of recent bank holidays on online retailers.
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The forecast shows the biggest year-over-year drop in online spending since the Queen’s Jubilee, which saw a 34% decrease when compared to the same three-day period in 2021.
“Bank holidays often drive a drop in online activity as people take holidays, and take the opportunity to meet up with friends and family,” Adobe Digital Insights lead analyst Vivek Pandya said.
“This year, the extra bank holiday in May is expected to have a sizeable impact on online spending, despite the many Coronation shopping events and offers from retailers.”
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