The soon wedding between Prince Harry and his fiancée, Meghan Markle, could benefit the economy of the United Kingdom amounting to £500 million. According to a Sydney wedding planner, it is expected that thousands of tourists coming from different parts of the world will travel to the UK this May in order to witness the festivities as well as get a chance to see the royal couple during their big day.
The Office for National Statistics revealed that during the wedding between Prince William and Kate Middleton, the number of tourists increased by 350,000 compared to the same period of the previous year. Brand Finance, a business valuation consultancy firm, predicts that the same trend is going to happen this coming May.
The Royal Family is known all over the world and Harry is one of the most famous members. Meghan, on the other hand, is an internationally known actor. Their status combination could mean that their wedding will outshine that of William, his older brother.
Brand Finance, a consultancy company, predicts that the wedding will lead to an economy boost of around £500 million.
David Haigh, the chief executive of the company, said that they are expecting £200 million will be generated from accommodations, tourism and travel. He also estimates that £150 million will be spent by tourists as they celebrate and attend parties. Commemorative merchandise will also earn an additional £50 million.
Britain will also benefit from the free marketing worth £100 million brought about by the wedding. This is good timing to boost the economy of the UK as it is planning to exit the European Union.
The wedding ceremony is expected to be smaller compared to the wedding of the Duke and Duchess of Cambridge. Prince Harry and Meghan are to wed in St. George’s chapel which can only accommodate 800 guests while the Prince William and Kate tied the knot in Westminster Abber which was able to hold 1,900 guests.
Businesses located in Windsor are taking advantage of the public’s interest with the couple set to wed. Even those who are in Australia such as Sydney wedding planner is looking forward to the wedding.