The Meghan Markle Effect Might Extend To The UK’s Economy, Says Statistics Firm
Meghan Markle’s effect on the British royal family continues to be quite prosperous for Britain. Now, a well-established consultancy firm has predicted that the former Suits actress’ wedding to Prince Harry will boost the U.K.’s economy, resulting in local businesses to rake in a massive amount of revenue.
According to the Express, Brand Finance has predicted that Meghan Markle and Prince Harry’s royal wedding will improve Britain’s economy by a whopping £500 million, which amounts to about USD$600 million. Brand Finance is an established business valuation and strategy consultancy which was started in 1996. Based on its official website, the consultant firm has an extensive client list which includes big names like BBC, Heineken, and Shell.
David Haigh, the company’s chief executive, told Reuters that the royal wedding will undoubtedly increase tourism in Britain and local business could potentially rake in £200 million in revenue. The money will come from the hotels and public or private transportations foreign visitors will spend on during their stay to see Ms. Markle wed her red-headed prince.
Haigh adds that around another £150 million will come from both native British citizens and tourists celebrating the royal occasion at bars or hotels. Memorabilia of Meghan Markle and Prince Harry’s wedding, as well as other souvenirs unrelated to the royal wedding, could rake in another £50 million.
How Meghan Markle and Prince Harry’s wedding promises to break tradition https://t.co/odPATg9bcx
— VANITY FAIR (@VanityFair) January 3, 2018
In related news, the International Business Times U.K. eluded to the fact that the new royal couple has been receiving scrutiny over the potential cost of their wedding. Hamish Shepard, the founder of bridebook.co.uk, believes that the royal wedding will cost about 100 times more than a typical wedding. Shepard predicts that the royal family will spend nearly £1.4 million on the actual wedding and £10 million more on security at the event.
If Shepard’s prediction is even close, then Meghan Markle and Prince Harry’s wedding will cost around £11 to £13 million—including the honeymoon. If Brand Finance’s forecast of a £500 million boost to the U.K. economy is accurate, then the royal wedding is what the business industry would call a good investment.
Meghan Markle’s relationship with the British royal family significantly affected both parties. Some have openly expressed their concerns toward Ms. Markle’s well-being now that she is set to marry into the monarchy. So far, however, it seems like the former Hollywood actress is doing more for the royal family than they are for her.