The recent wedding of HRH Prince Harry and Ms. Meghan Markle was expected to generate £561 million in retail revenue. Industry research firm IBISWorld forecasted that commemorative objects will be the largest revenue generating segment, attracting £205 million. Commemorative objects include ceramics, stemware, tea towels and commemorative coins. Ms Markle’s fashion choices have already captured the attention of the British public. The Meghan Effect is expected to reign in an additional £150 million of revenue for British footwear and clothing retailers as consumers try to emulate her personal style.
“Home entertainment is expected to perform strongly as families and friends gather around homes to celebrate the Royal nuptials whilst indulging in elderflower and lemon cakes and Britain’s favourite fruity summer cocktail Pimm’s.” explains retail analyst Gaetana Mak.
“Additionally, the Biscuiteers are back and this time with their commemorative Harry and Meghan biscuits.” Competitive spirits are likely to run high with family games like Badminton and much-loved traditional board games expected to play a part in the celebratory atmosphere.
To celebrate the occasion, the Government has granted extended opening hours for the weekend to pubs and bars across the nation.
IBISWorld expects punters to bring in an extra £64 million in revenue for these venues. However, this is estimated to account for the smallest share of the expenditure related to the Royal wedding, accounting for 11.4% of the total.
Both Britons and our friends across the pond are expected to tune in to watch the ceremony and the procession through Windsor town, contributing towards an estimated 25 million viewers across TV channels. In addition to this, tourism numbers are expected to be inflated by an extra 300,000 visitors over the month of May.
IBISWORLD LTD
Tel: 020 7222 9898
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