Royal wedding fever is estimated to add £500 million to the British economy, experts say.
According to Consultants Brand Finance, many factors related to Prince Harry and Meghan Markle’s spring wedding will contribute to the British economy, including tourism, royal memorabilia sales, and spin-offs from shopping, dining and drinking.
“In 2012 we estimated the uplift of the Diamond Jubilee celebrations to tourism at £390 million, including hotel bookings and merchandise sales. It could be expected that the royal wedding next year generates a similar or even larger value,” said David Haigh, Consultants Brand Finance’s chief executive.
Prince Harry and Meghan Markle will wed next May at St George’s Chapel at Windsor Castle, and some hotels in Windsor are reportedly already getting booked up.
Haigh continued, “Meghan Markle is an accomplished actress in her own right, with a global popularity and a strong personal brand.”
“It can be expected that she will join the Duchess of Cambridge as a great ambassador of the monarchy and British brands in general, especially in her native United States and in Canada where she recently lived.”
The ‘Meghan Effect’ – or the ‘Markle Sparkle’, as it’s cheekily referred to online – is already proving itself a strong force. The clothes she wore for her engagement photocall last Monday and for her day of engagements in Nottingham last Friday have already sold out.
The ‘Kate Effect’ is estimated to boost the British economy at around £200 million, but experts are predicting that Meghan Markle could have an even greater effect.
The Duke and Duchess of Cambridge married in 2011, and England reported an increase of 800,000 visitors that year. Given Meghan Markle’s American ties, the number of visitors – and American media applying for licenses to broadcast the wedding – is expected to rival that.
Consultants Brand Finance is also estimating the global media coverage surrounding Prince Harry and Meghan Markle to have a £125 million value for Great Britain.