Kelly Curto, an avid British royal family enthusiast, is embarking on her first journey outside the U.S., travelling to London for King Charles III’s coronation, a once-in-a-lifetime opportunity to witness history.
Upon arrival on May 5, the 44-year-old school bus driver and a friend plan to head to the Mall, the ceremonial route to Buckingham Palace, to find a good spot for the royal procession the next day. Despite booking a four-star hotel for their nine-day trip, they aim to spend the night outdoors to glimpse the gilded, horse-drawn state coach, royals, and thousands of soldiers.
The coronation is drawing royal admirers and visitors from around the world, eager to experience a piece of British history. Tour companies, stores, and eateries are offering an array of themed services and merchandise. The weekend’s events, starting May 6, will benefit central London businesses, particularly hotels, pubs, and restaurants. However, it won’t significantly aid UK residents grappling with a shaky economy, looming recession, and a cost-of-living crisis leading to months of disruptive worker strikes for pay raises.
Luxurious coronation-themed packages, menus, and décor are being offered by hotels across London for visitors willing to splurge. According to Luca Virgilio, general manager of The Dorchester Hotel, international guests are attracted by the “beautiful fairytale” surrounding the royals.
Souvenirs are abundant, with official and unofficial merchandise available. The coronation is anticipated to boost the UK’s tourism industry, which is recovering from two years of COVID-19 lockdowns. The country received 29.7 million visitors last year, nearly a third below 2019 levels.
The coronation’s broader effect on Britain’s economy remains uncertain. While tax revenue will increase from additional retail spending and extended pub hours, organizing the coronation has a substantial cost, and an extra public holiday on May 8 will result in lost productivity.
The British economy has stagnated since last year due to record-high inflation affecting households and small businesses. Various workers have been striving for higher wages to keep up with the surging cost of living. Security guards at Heathrow Airport plan to strike starting May 5, potentially disrupting coronation travel.
Despite the challenges, the monarchy is expected to continue generating more revenue for the UK economy than it costs, according to Brand Finance CEO David Haigh. Tourists like Curto, who plans to spend generously during her trip, contribute to the economic benefits associated with the royals.
The coronation of King Charles III is drawing tourists from all over the world, boosting central London businesses such as hotels, pubs, and restaurants. Tax revenue will increase as visitors indulge in luxury coronation-themed packages and purchase souvenirs. However, the broader impact on the UK economy remains uncertain due to organizing costs, lost productivity, and the struggling economy affected by record-high inflation and labour strikes.
