• 11 hours India To Auction 41 Coal Assets
  • 19 hours Eldorado Sees Gold Production Soar In Second Quarte
  • 2 days Do Gold Stocks Still Have Upside Potential?
  • 2 days The S&P 500’s Top Companies Hold $2.5 Trillion In Debt
  • 3 days Electric Vehicle Rebound Bolsters Battery Metal Growth
  • 3 days BlackRock Makes A Run On Asian Stocks
  • 4 days Gold Prices Surge Above $1,800
  • 4 days Chinese Stocks Soar On Bullish Economic Data
  • 5 days Apple’s “Holy Grail Of Data” Leaves Energy Traders Disappointed
  • 5 days Gold Rally Adds $250 Billion To Top 50 Miners' Market Cap
  • 5 days TikTok Is Becoming A New Battleground For Tech Politics
  • 6 days Peru's Mining Industry Pummeled As Coronavirus Cases Surge
  • 6 days Why The World Is So Divided In Its COVID-19 Response
  • 6 days Equities Cheer Stellar Jobs Report, But It May Be Fleeting
  • 7 days Is Tech Billionaire Peter Thiel Done With Trump?
  • 8 days Musk Takes To Twitter To Troll The SEC
  • 9 days Lunar Mining May Commence As Early As 2025
  • 9 days Immigration Will Go Bust Without $1.2B Bailout
  • 10 days The Economics Of The Space Race
  • 11 days Why The World's Central Banks Aren't Yet Sold On Renewables
Why The World Is So Divided In Its COVID-19 Response

Why The World Is So Divided In Its COVID-19 Response

The Covid-19 pandemic should have…

BlackRock Makes A Run On Asian Stocks

BlackRock Makes A Run On Asian Stocks

On Monday, BlackRock downgraded U.S.…

Josh Owens

Josh Owens

Writer, Safehaven.com

Josh majored in International Relations at the University of Edinburgh and is currently the Content Director at Oilprice.com. Josh has over 6 years of writing…

Contact Author

  1. Home
  2. News
  3. Breaking News

The Royal Wedding Could Bring Billions Into The UK

Royal

Saturday’s royal wedding of Prince Harry and actress Meghan Markle could end up being a billion-dollar boom for the UK economy as tourists descend on the country, ready to spend what analysts expect will be over $1.4 billion.

Even so, tourism earnings will have to offset a wedding that itself costs taxpayers a fortune. The last royal wedding of Prince William and Catherine Middleton cost a reported $27 million, and Saturday’s comes with a considerably higher price tag. Security alone, by some unofficial estimates, is said to cost around $40 million.  

According to British Brand Finance, this weekend’s royal wedding will result in $1.43 in total spending by tourists on retail, restaurants, fashion and merchandise.

“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,” Brand Finance CEO David Haigh said in a press release.

“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 consulting company is expecting a 3-percent rise in non-business visits to the UK by American tourists. The Evening Standard reported that as many as 50,000 US visitors are expected to travel to Windsor for the royal wedding.

Some analysts, though, are more cautious about the extent of the expected boon for the UK economy. Related: Japan Threatens U.S. With $400M In Tariffs

"We would be wary of over-egging the potential impact or seeking to put a hard figure on the potential gains," said Howard Archer, chief economic adviser to the EY ITEM Club, CNN reported, noting that historically, royal weddings have “fallen flat in terms of economics.

"It should be kept in mind that some of the retail spending may just be switched from spending on other items." 

The British Office for National Statistics showed that during the 2011 royal wedding of Prince William and Catherine Middleton, retail sales volumes rose 1.1 percent month-on-month in April that year. The data also shows that the UK took in 350,000 more visitors that month. But at the same time that the economy grew 0.5 percent in Q1 2011, household spending fell by 0.6 percent in real terms.

But at the same time, many view this royal wedding as remarkably different than its predecessors because of the “Meghan effect”.

Walpole luxury goods head Helen Brocklebank told The Evening Standard: “It’s not only the anticipated weekend spike for hoteliers and for British luxury retailers, crucially it is the halo effect, lasting long after the wedding. The US is the single biggest market for British luxury and already brands like DeMellier, worn by Meghan Markle, have seen a huge uptick in online sales from US customers.”

And Brand Finance CEO David Haigh says that Markle could end up contributing over $200 million to the British fashion industry all on her own through unofficial brand endorsements, because she “will quickly match or even surpass the Duchess of Cambridge in her incredible influence on the fashion industry”.

And while the Royal Wedding has doubled Markle’s value over the past months, according to Brand Finance, the ‘Meghan Effect’ at least on the fashion industry across borders could be a long-lasting one.

By Josh Owens for Safehaven.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment