Royal wedding to provide £561m retail boost
By Ben Stevens - May 9th 2018, 11:04
The upcoming royal wedding is expected to generate £561 million in retail sales in the UK, as fashion sales thanks to “the Meghan effect” skyrocket.
According to new research from IBISWorld sales of commemorative one-off objects like ceramics, stemware and coins will be the largest driver of sales, estimated to produce around £205 million.
Meanwhile, sales of fashion items similar to those worn by the princess-to-be are expected to provide retailers with an extra £150 million in revenues.
A further boost is expected to come from a sharp rise in tourism numbers, with an extra 300,000 visitors expected throughout May.
“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,” retail analyst Gaetana Mak said.
“Additionally, the Biscuiteers are back and this time with their commemorative Harry and Meghan biscuits.”
Retailers have already been celebrating boosts in sales thanks to “the Meghan effect” since the royal wedding was announced last year.
British eyewear brand Finlay & Co sold £20,000 worth of glasses in 24 hours after Markle was photographed wearing them alongside Prince Harry at the Invictus Games in Canada.
Similarly, searches for black Hunter wellington boots jumped 18 percent globally and 30 percent in the US after Markle was photographed wearing them in February, according to Lyst.
New West End Company chief executive Jace Tyrrell added: “We anticipate that 600,000 additional shoppers will give retailers a £60m royal wedding boost.”
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