Royal Wedding “could be worth £620m”
The Royal Wedding between Prince William and Kate Middleton could provide the retail sector with a £620m boost, according to retail analysts.
The couple announced their engagement yesterday (16 November) with the wedding expected in spring or summer next year.
Many are predicting that the wedding will give Britons a lift amid the gloom of public sector cuts and fear of a double-dip recession.
Verdict, part of the Datamonitor Group, predicts that the wedding could also provide the retail sector with a lift.
The analysts forecast that engagement-related merchandise could be worth between £12m and £18m, while wedding merchandise sales could “easily” top £26m in the UK.
Food and grocery retailers, Verdict adds, could rake in £360m, while an additional £216m could come from travel and tourism.
The wedding of William’s parents, Prince Charles and Lady Diana, in 1981 proved that there is an appetite for Royal Wedding-related merchandise with millions of commemorative items sold.
Neil Saunders, consulting director at Verdict, says that enthusiasm remains.
“If, as expected, it [the wedding] is a big set piece event, it could well capture the nation’s imagination and provide a fillip to the retail sector.”
He adds that the “potentially massive event will command not just the attention of Britons, but potentially most of the world.”
