Royal Wedding Will Reportedly Boost UK Economy
A royal wedding equals big bucks for the U.K. Prince Harry and Meghan Markle's nuptials will help bring in around $680 million (500 million pounds) to Great Britain, according to an estimate provided by Reuters.
The report, made by business valuation consultancy Brand Finance, credits the amount of tourists expected to enter the country for the ceremony on May 19 as one of the main reasons for the increase in revenue.
“We think approximately 200 million pounds will come from tourism, travel, hotels,” Brand Finance's chief executive David Haigh told Reuters. That amount translates to over $270 million.
He also expects that 150 million pounds ($202 million) will be spent on parties and 50 million ($68 million) will come from purchases of commemorative merchandise like t-shirts, hats, and other souvenirs. The wedding would also give England over 100 million pounds ($135 million) in free advertising around the world, he added.
Andrew Lee, manager of the Harte and Garter hotel opposite Windsor Castle, agreed with Haigh that tourism will be one of the biggest contributing factors. "It’s going to be a massive boost for the economy, it’s going to be great to see so many people here for the wedding and actually to host the wedding itself,” he said.
VisitBritain, the national tourism agency, estimated that 41.7 million tourists are expected to visit the U.K. throughout 2018. Around 350,000 people visited the U.K. for 2011 Prince William and Kate's wedding, and the Office of National Statistics reported a similar surge is expected for Harry and Meghan's big day.
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