Heritage

Prince Harry and Meghan Markle's Wedding Will Reportedly Boost the U.K. Economy by $680 Million

Tourism will be one of the biggest contributing factors.
IMAGE GETTY
Comments

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 number 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.


ADVERTISEMENT - CONTINUE READING BELOW

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.

From: Harper's BAZAAR US

*This story originally appeared on Townandcountrymag.com
*Minor edits have been made by the Townandcountry.ph editors

<>
Comments
View More Articles About:
About The Author
Eileen Reslen
View Other Articles From Eileen Reslen
Comments
Latest Stories
 
Share
The couple and their wedding party unsurprisingly went all out for the affair.
 
Share
Never-before-seen shoes will be on display alongside iconic designs.
 
Share
The Clooneys reportedly narrowly avoiding a plumbing disaster before the Obamas arrived at their Lake Como villa.
 
Share
 
Share
And the romantic proposal stories that go with them.
 
Share
Houses and lots come with a hefty price tag for a reason.
 
Share
Fashion tips from the Monegasque princess and the queen of American fashion.
 
Share
A USAID-funded project provides high school graduates aged 18 to 24 with work-based skills training.
 
Share
Plus, here's everything we know so far about the show's third season.
 
Share
Throughout his life, Amorsolo’s sketches and studies are estimated to number over 10,000 pieces.
Load More Articles
CONNECT WITH US