Research from the company Paymentsense has shown that people in and around Windsor spent 45% more than the average weekend during the Royal Wedding weekend.
The wedding is estimated to have cost £30 million with a large chunk of the budget being spent on defence, but it is believed that it has brought in around £500 million to the economy.
There were lots of factors which added to the huge increase in spending across the country, and the biggest increase was in Windsor where the wedding took place. Some of the spending in Windsor was on accommodation, with Airbnb prices being 141% higher than average!
It was not just Windsor which saw cash being flashed over the wedding weekend; Greater London residents spent 30% more than usual and in the rest of the UK people spent 25% more. People were clearly making the most of the weather and raising a glass to the happy couple as pubs and restaurants saw a 23% increase in their profits over the weekend. These figures make sense as lots of people flocked to bars and restaurants to watch the wedding with a few drinks or attended afternoon tea events or held parties to join in the festivities.
It was not just UK residents who were affected by the higher costs; people travelling in from around the world experienced huge hikes in the cost of their flights compared to flights available the week before. Those flying from New York to London paid 180% more than usual, and those flying from Tokyo paid an extra 72%.
Small businesses are said to have really benefitted from the extra trade during the Royal Wedding, especially in Windsor. It is great to hear that the happy event has brought such a boost to the economy.