The net income of the Royal Collection Trust has fallen by more than £10 million in the last year, as visitor numbers to royal attractions declined. The annual report released by the trust showed total income in 2025-26 dropped from £13.9 million to £3.5 million.
Reasons for the decline
The trust said the post-coronation boost had softened, and economic conditions and specific sector conditions had a downward influence on visitor numbers and income. Retail sales fell by £300,000, and visitor numbers across attractions such as the Royal Mews, Buckingham Palace and Windsor Castle dropped by 182,000 to 2.6 million.
The report stated: “The effect of these events has softened slightly, and during 2025/26 general economic and specific sector conditions have had further downward influence on visitor numbers and income.”
Impact of Buckingham Palace refurbishment
The drop was not entirely unexpected due to the extensive Buckingham Palace refurbishment and the increased cost of living. The report noted: “Overall visitor figures for 2025/26 were down by 6% on the previous year. In London, a reduction in visitor numbers was anticipated. The 2024 Buckingham Palace Summer Opening set record attendance levels that could not be replicated as visitor capacities were reduced this year to accommodate works taking place as part of the Buckingham Palace Reservicing programme.”
Windsor Castle and Holyroodhouse
Windsor Castle welcomed 1,267,000 visitors, a slight decrease from the previous year due to a subdued travel sector and post-coronation surge reduction. However, visitor numbers at the Palace of Holyroodhouse increased due to additional operating days and expanded group tours.
The trust added an optimistic note: “There is still a public appetite to visit Royal Collection Trust sites and exhibitions.” But it also warned: “Looking ahead, challenges in the domestic economy and global forces affecting international travel will put pressure on visitor numbers and retail income.”
