2nd May, 2023
Whether you’re a fan of the royal family or not, there’s no doubt that the King’s Coronation, taking place on Saturday 6th May at Westminster Abbey, is going to be a huge event throughout Britain and the rest of the world. But what is the coronation and what will it means for the public and the economy?
The coronation, a tradition that dates back over 1,000 years, is a religious ceremony where the King will be crowned both symbolically and through the act of a crown being placed on his head. It will be paid for by the UK Government due to it being a state event. The UK is the only monarchy in Europe that still holds a coronation.
It’s estimated that the King’s Coronation will boost the economy by a sum of about £1bn, especially through tourism with many hotels in and around London being fully booked over the weekend of the coronation. The likes of pubs, restaurants and retail are also expected to drive millions into the economy.
With that being said, the coronation is expected to cost taxpayers over £100 million. According to the CEO of consultancy firm Brand Finance, this will be offset by tourism and spending from the British public. However, the coronation is taking place amid a cost-of-living-crisis, which is causing controversy across the country as some question the need for such a lavish and expensive during these difficult times.
For businesses, the coronation could be seen as a great opportunity to market themselves and their products, given how often the royal family are said to be responsible for particular items selling out. In fact, after the sad passing of the Queen in September 2022, the price and sales of things such as marmalade, Dubonnet and even Corgi’s soared.
This is especially true for businesses who hold a Royal Warrant of Appointment, which is bestowed upon a person or company as recognition for regularly supplying products or services to a royal household. The holder of the Royal Warrant is usually granted it for up to five years and is reviewed within the year of its expiry. If the grantor passes away then the Royal Warrant will traditionally become void, but the grantee can continue to use the Royal Arms in association for up to two years.
While King Charles granted an estimated 180 Royal Warrants during his time as the Prince of Wales (which will remain associated with the household as opposed to the title), it’s anticipated that he will provide more companies with the ‘by Royal Appointment’ status as King. This will undoubtedly give those new companies a much larger pull when it comes to gaining sales from the general public.
There are also plans to provide help and support to local communities as a mark of the King’s Coronation, with The Big Help Out set to start on the bank holiday of Monday 8th May. This is a voluntary campaign, supported by the Royal Voluntary Service, to raise awareness of volunteering and how it can make a difference.
Organisations and businesses in the thousands are planning to get together and give a chance to help out in local communities, whether it’s checking in on someone who might be a little lonely or volunteering for a charity.
Regardless of how you’re choosing to spend your time during the coronation week, whether it’s celebrating in the pub or volunteering for a local charity, we hope that you enjoy yourselves.
Written by: Shannan Errington
*Please note that the above information has been gathered through secondary research. The information provided is not based on our opinion. You should seek further guidance and information before making an informed decision.
Sources
https://www.bbc.co.uk/news/uk-63543019
https://commonslibrary.parliament.uk/research-briefings/cbp-9412/
https://www.express.co.uk/news/royal/1728140/king-charles-coronation-cost-uk-economy-pubs-hotels-shops
https://www.economist.com/the-world-ahead/2022/11/18/king-charles-iiis-coronation-is-a-real-marketing-opportunity
https://browsermedia.agency/blog/what-is-a-royal-warrant-and-what-is-the-future-of-this-royal-accolade/
https://www.thebighelpout.org.uk/
