Well the big news dominating the headlines last week was the announcement that there will be a Royal Wedding next year as Prince William and Kate Middleton are set to tie the knot. But as the media work themselves into a frenzy the subject of cost has already been raised, with anti-monarchy and tax payer’s campaign groups calling for the Windsor’s to cover the full cost. We can be sure that the final cost of the nuptials will make the cost of an average UK wedding which comes in at £21K, look like pocket money. Security costs alone are likely to run into many millions, but the celebrations look like being good news for the UK economy with retail researchers Verdict estimating a boost of up to £620m.
Early forecasts suggest that food and grocery retailers could benefit to the tune of £360m, and monarchy related tourism is expected to rise significantly above the normal annual figure of £500m.
Wedding related merchandising alone will also swell the coffers bringing in over £26m. Ebay is already littered with ‘Wills and Kate’ souvenirs, and the major china retailers are no doubt busy creating their celebratory pieces. If only Woolworths were still around, as they may have been able to shift some of the Wills and Kate engagement souvenirs they created back in 2007!