Event worth £1bn to economy
PRINCE Harry and Meghan Markle’s wedding will give a billion-pound boost to the British economy, a leading consultancy said today.
The Royal Wedding will see huge benefits for the tourism industry
A study by Brand Finance found that the wedding this weekend will give a £300million fillip to the tourism industry and a further £300million in public relations value from media coverage.
Shops and restaurants are expected to get a £250million boost in sales of food and drink for parties.
It predicted 25 million people will spend on average £10 on royal celebrations to produce that figure.
The consultancy projects wedding-related merchandise – including coins and stamps – to exceed £50million.
While huge, the figure is only a quarter of the sales achieved for the Duke and Duchess of Cambridge’s wedding in 2011.
However Meghan’s role as a fashion leader is expected to produce a £150million increase in clothing sales.
And Brand Finance CEO David Haigh said: “We are observing only the beginnings of the ‘Meghan effect’, but it will undoubtedly match or even surpass the ‘Kate effect’ in its influence on the fashion industry.”