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Sarah is our insurance specialist, reporting the latest important developments in the industry.
With only a matter of days to go until the Bank Holiday weekend, new figures show that it is set to be an expensive time for the nation. Research by a price comparison website found that 32% of UK adults plan to splash out on snacks, decorations, food and drink to celebrate the weekend. A further 8% of people plan on purchasing souvenirs.
Some 40% of the nation is planning on celebrating the 60th anniversary of the Queen's reign in some form or another. The research highlighted that women are more likely to celebrate than men, with a staggering 44% of females marking the occasion compared to 40% of men.
The research found that Brits will spend an average of £40 on Jubilee-related purchases, with one in five (21%) planning to stock up on extra food and snacks to watch the Jubilee. One in six plan to purchase extra drinks to celebrate having the extra day off work.
A number of people are planning on making the most of the long weekend and are heading away. The study found that 3% of people are planning on heading to London to soak up the atmosphere. Some may consider hiring a car and driving to see friends or family. If you plan on renting a car it could be worth shopping around for car hire excess insurance cover.
British Retail Consortium economist, Richard Lim said:
"After a battering from bad weather and household finances squeezed by low wage growth and high inflation,retailers are looking for a much-needed boost. The Jubilee has the potential to create a feel good factor that lifts consumer confidence and persuades people to put their concerns to one side, even if only temporarily.”