Champion claimed hospitality firms could see “a massive boost or potential loss” across the various bank holidays and events taking place in the UK this month as consumers prioritise experience-led events.
He said: “Hospitality venues in the UK seem to have high expectations for the King's coronation, however it won't be enough to just open your doors for the occasion.
“Sites that put on themed menus and activities will be likely to draw in additional revenue as consumers prioritise experience-led dining.
Positive impact
“We tend to see a positive impact on trading over bank holiday weekends, which is bolstered by the events we deliver.”
This comes as trade body UKHospitality (UKH) earlier this week predicted May could be a “historic” month for the sector with a combination of “big events” set to take place, such as the coronation and the Eurovision Song Contest.
According to figures from UKH, the King’s coronation bank holiday weekend alone is set to deliver a £350m push for the sector as businesses contend with energy costs, record food and drink inflation, staffing shortages and a fresh set of rail strikes.
In addition, recent data from the British Beer & Pub Association (BBPA) predicted a £120m boost for pubs specifically across the coronation weekend with 62m pints pulled to toast King Charles III, with extended licensing hours put in place also in place.
Alarming rates
However, while the boost to trade will be "well received", with 4,600 venues having closed in the 12 months to March 2023, according to data from CGA by NIQ, more needs to be done to to support the sector long-term, insurance provider Simply Business CEO Alan Thomas stated.
Thomas said: “The King’s Coronation weekend will offer a vital cash injection for the hospitality sector.
“Few have been hit harder over the last few years than small hospitality businesses. Pubs continue to close at alarming rates.
“While the boost will be well received, more needs to be done to support the long term prosperity of the UK hospitality industry, and small businesses are looking to the Government. Our publicans need support more than ever - there’s never been a better time to get down to your local to celebrate the coronation.”
From parties to royal themed menus and fancy dress events, read more about how pubs are celebrating the coronation here.
