Trivago chief executive Axel Hefer says the group has seen hotel prices in the capital jump by more than 60% year on year for the landmark day on on Saturday, May 6.
Accomodation prices have already hit an average of £254 for people who are looking to book on the day compared with £154 per night for the same date last year.
Interest is huge as it’s the first ceremony of its kind since Queen Elizabeth II was crowned in June 1953.
As hotels increase their prices to capitalise, Trivago says many visitors may plan to avoid London during the event, explaining ‘given the very high prices, people would rather avoid traveling to the UK capital on the day of the coronation.’
Booking data shows search is actually down for London on the day, compared to the weekends before and after.
Searches for London are also down 8% compared with the same day last year.
Mr Hefer said that, while coronation day is an extreme example in terms of prices this year, the accommodation site is seeing hotel prices continue to rise generally across the board.
He said hotel prices are rising by low single digits to high single digits this year, on top of increased prices in 2022.
Travellers are combatting the higher prices by switching to cheaper destinations, such as Istanbul, Morocco and Portugal, as well as domestic staycationing, while also beginning to book shorter stays.
The company has also seen trends of holidaymakers opting for lower star ratings on hotels and cheaper accommodation to help bring down costs.