The Queen's Diamond Jubilee celebrations will spark a spending spree in Britain, including on souvenirs, it has been predicted

Celebrations for the Queen’s Diamond Jubilee are set to spark a spending spree, with people spending £40 on average on jubilee purchases.

That’s according to research from MoneySupermarket.com, which predicts Britons will spend £823 million celebrating over the long bank holiday weekend coming up.

An estimated 40 per cent of the population plan to celebrate the event in some way, with 44 per cent of women expecting to mark the occasion compared with 40 per cent of men, a poll for.

The survey found 21 per cent plan to buy extra food and snacks and 17 per cent will buy extra drinks, while seven per cent will buy decorations and eight peer cent will purchase souvenirs.

Of those planning to watch the celebrations, the most (25 per cent) will stay at home, eight per cent are expecting to party with family and friends and six per cent will attend a street party.

Four per cent will watch events from the pub and three per cent plan to travel to London.

The predicted spending of £823m compares to the £480m which 34 per cent said they planned to spend celebrating the royal wedding last year.

MoneySupermarket spokeswoman Clare Francis said: “Our research has shown the British public is gripped by jubilee fever.

“With an extra day off work for most, it makes sense that people want to mark the occasion with a celebration of their own and that many plan to buy a keepsake.”

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.”

He added: “Perhaps most importantly, the extra bank holiday will give many people an extra day to shop for goods, whether they’re related to the occasion or not.

“The royal wedding played a part in making April 2011 the best month for retail sales growth last year. Retailers will be hoping for something at least as good this June.”

Are you planning to join in the Diamond Jubilee celebrations? What will you buy and how much will you spend? Post your comments below.