Diamond Jubilee boost to hospitality businesses but hotels face a challenge
With less than two weeks to go until the double bank holiday weekend the professional services organisation has suggested a similar number of people could descend on the capital as took to the streets for Prince William's wedding last year.
PwC estimated the economic benefit to London from the nuptials was £107m and now say hospitality businesses could benefit again this year although there are other factors to take into account.
"We believe that it’s going to be mainly about day trippers to the capital, visitors will come to see the flotilla and other celebrations and then head off home. Visitor numbers will also depend on the weather," Liz Hall, head of hospitality & leisure research at PwC said.
"Restaurants, bars and cafes are likely to benefit the most from the large crowds of visitors flocking to the capital. It should be a good weekend for London hotels, but not the golden prize many expect. The effect won’t be as big as it could be if the economic situation was stronger and people had more disposable income."
Hotel challenge
Hotels may, according to PwC, face a challenge in filling rooms greater than the challenge faced during the Royal Wedding - although the type of guest and average spend is likely to be similar.
"Looking back to the Royal Wedding last year, it was mainly hotels along the route that benefitted. If that is the case this time round, there are only about 10 hotels along the river between Battersea and Tower Bridge and not all of those hotels or rooms will have a river view," Hall said.
"There could also be an exodus as many look to take an extended holiday over the period, many may go abroad or leave London altogether and it is likely to deter the lucrative corporate business clientele, who spend most in hotels," she added.
Last week BigHospitality produced a special Ideas from your Peers feature exploring the various offers and promotions hospitality businesses were considering to take advantage of the Queen's Diamond Jubilee.
