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Royal Wedding to Boost UK Economy by £1 Billion: consultancy

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Royal Wedding to Boost UK Economy by £1 Billion: consultancy

According to Brand Finance, the world’s largest independent brand valuation and strategy firm, the wedding of Prince Harry and Meghan Markle will boost the British economy by more than £1 billion, distributed across numerous industrial sectors.

After initially forecasting an increase of around £500 million, the firm has more than doubled its projection.

The massive economic boost will be fueled mostly by purchases of goods ranging from Prince Harry and Meghan Markle toys to coffee mugs.

Around 100,000 people are expected to crowd the streets of Windsor, west of London, to partake in the festivities and catch a sight of the newlyweds’ carriage as it winds through town.

“Purely the amount of coverage that the royal wedding has got made us think maybe we were underestimating it,” said Richard Haigh, managing director of Brand Finance. This week’s headlines have centered on the bride’s father, Thomas Markle, who appears to be skipping the wedding.

Around 500,000 individuals have visited the UK in the weeks running up to the event.

According to the Centre for Retail Research, an independent research agency that analyzes worldwide retail trends, the marriage of Prince Harry and Meghan Markle will produce retail sales worth four times the amount spent on the wedding. According to the article, the wedding will generate an estimated 120 million pounds in retail sales.

Rashid Bhayat is among the 2,640 individuals who have been invited into the Windsor Castle grounds for a closer look.

This rise is projected to be driven by increased incoming tourists to London and Windsor for the wedding and throughout the year, particularly from the United States. The economic impact study assumes a 3% increase in non-business visits from the United States and a 2.5 percent increase in non-business visits from the rest of the globe. This is a modest estimate that corresponds to the inbound travel boom that occurred in 2011, when Prince William married Kate Middleton.

Haigh stresses the prince and the American actress’s star power, saying it helps put their wedding on par with Will and Kate’s spectacular in 2011.

“Meghan Markle is already a famous person,” Haigh said. “Not only that, but Prince Harry is the lovable rogue who everyone has deemed to be the ultimate bachelor, and now he’s getting married, and I think that is a big thing in itself.”

The royal wedding at Windsor Castle in England has resulted in an increase in expenditure on royal family-related tourist, shopping, restaurants, fashion, and goods.

The 120 million pounds in sales are made up of 30 million in memorabilia sales (globally), 35 million in celebrations centered on food and drink, 10 million in newspaper and book sales (including souvenir issues), and a whopping 45 million in fashion sales (bridal wear/clothing and luxury items before and after the wedding).

Brand Finance CEO David Haigh stated:

“It is natural that Meghan Markle’s royal wedding is attracting a lot of attention across North America both in her native USA and in Canada, where she lived for several years. But the event’s appeal extends far beyond those geographies. With the recession a memory of the past, global mobility increasing, the pound depreciated, and an incredible media interest in the event, tourist numbers are likely to exceed expectations.”

The royal wedding will be worth about the same amount in free promotion for “Brand Britain” due to foreign media coverage.

Aside from goods, the wedding day’s valuables frequently become collectibles and are auctioned off afterwards.

Other advantages to the British economy, in addition to the tourism-related increase, include:

Earned at least £300 million in media attention for Brand Britain in the run-up to the royal wedding and live from Windsor. This is a conservative estimate of the overall Advertising Value Equivalency (AVE) of scheduled television broadcast coverage in the United States, Canada, Australia, New Zealand, and the rest of the world (£130 million), as well as global web and print coverage (£170 million).

£250 million increase for retail/restaurants: According to Haigh, a recent poll indicated that around 40% of Britons were interested in the wedding, which equates to approximately 25 million individuals. If each individual is persuaded to spend an extra £10, the total amount will be £250 million.

Meghan Markle is a fashion icon, with a slew of media outlets keeping tabs on her every move. The ‘Meghan Effect’ is anticipated to generate £150 million in increased apparel sales, providing export prospects for British businesses. Brand Finance created a hypothetical ensemble of Meghan Markle’s clothing using information from Meghan Markle-focused fashion websites, with an overall cost of slightly under £3,000. Just over 50,000 purchases of such entire outfits would earn £150 million.

Merchandise gets a £50 million boost: Consider “coins, stamps, mugs, and all that sort of stuff,” according to the Brand Finance executive.

The economic benefit provided by the royal wedding is in addition to the overall boost that the monarchy gives to the UK economy on a yearly basis, which was assessed at close to £1.8 billion last year in the Brand Finance Monarchy 2017 study.

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