Twenty years ago, I was a Royalist. Twenty years of discussions with Julia, I ceased to be a Royalist . However, I have a lot of respect for the Queen. Not the Institution (Monarchy) but the person.
I don’t believe any of us are subjects of anyone else
I don’t believe anyone should curtsey, kneel or bow to anyone (Unless they are Japanese, or our Dog Ari who I have to kneel to give him a cuddle)
I don’t believe anyone has the right to rule over anyone, no matter how lightly, by dint of birth
So that’s my much vaunted Knighthood gone the drain, for all those years of supplying loads of party items to many parties that had something to do with Royalty.
None of which is the point of this post. The question here is how strong is the effect of a Jubilee and other similar pageants or events .
What will the Jubilee weekend mean for the economy?
The claim of £1 billion being spent could also refer to the amount the public is predicted to spend directly over the period, rather than how much the celebrations will cost the taxpayer.Estimates we’ve seen for this vary wildly. For example, the Mirror quoted a retail analyst who estimated the Jubilee could mean a sales boost of between £1 billion and £2 billion at pubs, shops and other venues on food and beverages, depending on the weather. Meanwhile the Centre for Retail Research has estimated that new retail spending relating to the Jubilee will amount to around £408m between April and June (www.fullfact.org)
The satirical magazine Private Eye , has a section called Desperate Marketing, where it gives examples of Product/ service Suppliers making extremely tenuous links with various events. The following three images were taken from the Times Newspaper over the Jubilee Weekend.
But what are the realistic pluses and minuses of such an event .
Moneysupermarket.Com estimated that everyone spent £83 per person on the Jubilee. I don’t doubt it . Or rather, I do question where that number came from. Understanding that it is hardly scientific , I, personally, know very few people that actually spent anything. That said me being a miserable git, it may come as no surprise. But where do these numbers come from . If someone bought a couple of bottles of wine on the jubilee weekend , is that included, no matter what the reason for the purchase.
Cynicism aside, there will, of course have been an uptick in retail sales on drink, food , and party decs, and probably hospitality but much of that would be confined to London (hospitality that is) but beyond that my limited imagination does not stretch. I expect many restaurants over the weekend were quieter than usual. Julia and I happened to be in two town centres and one major shopping centre during the four days and they were eerily quiet. This week I was in Glasgow and to my surprise they were saying that the Jubilee had been very good for them (retailers selling party ware).
There is that unquantifiable feel good factor , that sometimes comes into play , but considering the industrial outlook (railways et al) and energy costs I can’t see that lasting long.
Then there is the other questionable statistic ,the loss to the economy of an extra Public Holiday .
In 2012, a study by the Centre for Economics and Business Research (CEBR) think tank estimated that each bank holiday costs the British economy £2.3bn through lost productivity.
The number of people visiting shops in the Jubilee week increased over 17% on the average for May. The BRC reported that for the rest of May, there was evidence of rising inflation deterring the public from spending. Footfall for the Bank Holiday Thursday (2 June) was 45.5% higher than the May 2022 average.
Helen Dickinson, BRC’s chief executive, commented: “It was great to see so many people out celebrating and shopping at their favourite local destinations – a welcome boost for retail businesses reliant on store performance, particularly on the high street.-partyworldwide.net
I really struggle with this. Again, Julia and I were in a local independent women’s fashion retailer on that Saturday . He is always busy on a normal Saturday , but he said ‘Today there is nobody about’. There will have been many out and about but I really don’t see that many of them were shopping.
As unscientific as they maybe, you must have conclusions ……..
The Party Market
Great and much deserved fillip after the previous tough years . After the Diamond Jubilee, I suspect few expected there to be a Platinum one.
The UK Economy as a whole
Questionable but perhaps marginal uptick .
Short Upturn .
I believe from the genuine smiles on her face (especially as she was able to avoid the more tedious events, and the worst extremities of her family) She enjoyed it .