When Prince Harry and Meghan Markle get married, it could bring up to £80 million to the country.
Everyone from retailers to pubs, restaurants, hotels and souvenir shops are hoping to cash in.
A Much Needed Lift
Great Britain’s slowing economy is welcoming the opportunity to take in as much as it can from Prince Harry and Meghan Markle’s wedding. The royal marriage is expected to bring over £80 million to the economy as hotels, pubs, and retailers scramble to give tourists a reason to spend said a report in The Guardian.
The VisitBritain tourist authority expects about 50,000 Americans to cross the pond to be among those crowding Windsor’s roads. That said, tourists will be headed into the country from places around the world.
Pubs have been granted a special permission to remain open later than usual. On the eve of and the day of the wedding, they can remain open until 1 a.m. The British Beer & Pub Association (BBPA) expects the longer hours to bring in another £10 million in sales.
“Relaxed licensing hours for pubs will be welcomed by pub-goers and provide a real boost to the pub trade,” said BBPA chief exec, Brigid Simmonds. The BBPA represents approximately 20,000 pub owners.
A Temporary Sales Boost
London retailers in the shopping district are expecting a mini sales boom worth £60 million as tourists open their wallets to grab all kinds of mementos and souvenirs.
“There could be a modest boost to GDP growth in the second quarter from the royal wedding and the football World Cup starting in mid-June,” said chief economic advisor to EY Item Club, an economic forecasting group. “There may well be a temporary boost to retail sales from people buying souvenirs and also to tourism.”
Airbnb has stated that it predicts an influx of £12 million from the property rentals it will facilitate. There will be approximately 42,000 guests heading into London alone, opening up massive opportunities for alternative accommodations to traditional hotels.
Windsor residents are able to use Airbnb to rent out their places on the wedding weekend for £353. The surrounding areas of Reading, Maidenhead and Slough are also enjoying the economic benefits of the couple’s royal Windsor wedding, said Airbnb.