Extra spending in pubs, bars, clubs and restaurants and by tourists visiting the UK will also add to the total amount, according to new figures.

In comparison, spending for The Queen’s Platinum Jubilee in 2022 was estimated to be at £408.29m, for the Silver Jubilee in 1977 it was £521m, and for William and Katherine’s wedding in 2011 it was £407m, based on a period of 12-18 months around each event.

However this year, the coronation will also be taking place in the middle of a cost-of-living crisis with inflation stubbornly high and food prices rising at the fastest rate seen for 45 years. It’s also estimated that it will cost taxpayers around £100m.

£20m will be spent on flags

Those celebrating the coronation of King Charles III and Queen Camilla are predicted to spend £245.91m on souvenirs and memorabilia, according to a survey from the Centre for Retail Research.

Of that amount, six million coins, tokens and medallions will be bought, £20m will be spent on flags, bunting and table decorations, 10,000 celebratory tea pots will be purchased, 3.8m will be spent on coronation mugs, cups and crockery, and £22m will be spent on coronation-themed jewellery.

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When the Royal Mint first starting selling a special collection of coins for the coronation, its website was overloaded with shoppers trying to get their hands on the coins and the website had to introduce an online queuing system.

There will be £35.4m spent on books, albums, DVDs and digital media, £3m on bags, and £19.8m on toys, games, stationery and pens.

Millions of people will be having street parties or going out to pubs and restaurants for the day and a total of £846.84m will be spent in the hospitality sector.

Of that, £61m will be spent on street parties and barbeques, £73.25m on baked goods, confectionery and non-alcoholic drinks, and £56.55m on champagne, sparkling wine, wine, beer, cider and spirits.

Hospitality venues will be able to stay open for an extra two hours over the weekend and spending in this sector should see an extra £194.04m.

Meanwhile, foreign tourists are likely to bring in an extra £322.93m to the UK over the long Bank Holiday weekend. There are around 250,000 tourists expected to come to the UK to celebrate.

Supermarket spending on the coronation

Around 78% of households are planning a celebration with friends or family this weekend, according to figures from Tesco, and the supermarket said it’s expecting to sell more than 350,000 pots of clotted cream, over 600,000 packs of scones, and 675,000 pork pies this week.

It’s also expecting to sell more than 60,000 coronation sandwiches, 2.5m cucumbers, 60,000 Victoria sponges, and 200,000 trifles.

At Lidl, sales of quiche are already up 33%, champagne sales have risen 50%, and sales of scotch eggs and pork pies have risen 15% and 10% respectively. The discount supermarket said it also sold one of its special coronation mugs every five seconds on the first day they were on sale.

Waitrose said sales of quiche are up 25%, sales of English sparkling wine are up 21%, and sales of scones up 19% in the last week when compared to a year ago.