Financial experts say the royal wedding between Prince Harry and Meghan Markle will boost the UK’s economy to the tune of £1.05 billion, or $1.43 billion.
A financial expert says the star power of Prince Harry and the American actress will see their wedding at par with Prince William and Kate Middleton’s wedding in 2011.
As the world sets aside Saturday, May 19, 2018, for the wedding ceremony between British prince, Harry, and Meghan Markle, financial experts say the country’s economy will be boosted to the tune of £1.05 billion, or $1.43 billion.
According to Richard Haigh, managing director at a UK consulting firm, Brand Finance, the star power of Prince Harry and the American actress will see their wedding at par with Prince William and Kate Middleton’s wedding in 2011.
Analysing the sectors of the economy that will get a boost, the consulting firm says tourism will get an uplift of £300 million while public relations value and retail/restaurants will rise to £300 million and £250 million respectively.
The UK fashion industry, as well as the merchandising sectors, will get a boost of £150 million and £50 million respectively as a result of the Royal Wedding.Tourism boosts (£300 million)
Brand Finance says 2011 saw a rise of more than 3% for U.K. tourism over the month of its royal wedding, hence, it’s no doubt that the 2018 royal wedding between Prince Harry and Meghan Markle, who is a celebrated actress will definitely spike the tourism world.
Haigh said the tourism impact would most likely come from hospitality outfits describing the impact on hotel operators such as InterContinental IHG, +0.78% IHG, -0.03% and other travel-industry players.Public relations (£300 million)
Responding to how the public relations will boost the Uk’s economy through the royal wedding, Haigh said: “It’s essentially advertising value equivalency to the U.K. as ‘Brand Britain,’ as a result of all the additional coverage related to the royal wedding.”
Retail/restaurants (£250 million)
MarketWatch reported that a recent survey in the UK showed that about 40% of Britons were interested in the royal wedding between Prince Harry and Meghan. The survey amounts to roughly 25 million people and if each person is inspired to somehow spend an extra £10, that works out to £250 million or more.Fashion industry (£150 million)
Already, Meghan’s dress sense has been getting cool commendations from people around the world and in the UK. Haigh said people seem to go crazy as soon as Meghan is seen wearing absolutely anything. The finance expert stressed that a case study was a green dress that Meghan wore in April 2018 and the dress reportedly sold out within hours.Merchandise (£50 million boost)
Haigh also think coins, stamps, mugs, all that sort of stuff will get more sales. The merchandising sector is touted to get a £50 million boost as souvenirs of the wedding and the major characters will definitely flood the UK.