Meghan Markle is about to add more than $1 billion to the British economy. At least that’s according to an estimation by consultancy Brand Finance on the economic impact of the former Suits actress’ entrance into the Royal family. In what Business Insider calls the “Meghan effect” Markle’s wedding to Prince Harry is expected to generate lots of merchandise sales plus bookings at restaurants and hotels as ardent fans of The Royal Family come to London to celebrate. If Meghan had never said yes, this wouldn’t be happening.
“We believe that the overall value to the UK economy is going to be just over a billion pounds,” said Richard Haigh, the managing director of Brand Finance said to Reuters.
“We originally estimated it would be about 500 million back in January but considering the excitement in the last couple of months, we’ve revised that up.”
As Business Insider notes, a similar phenomenon occurred when Kate Middleton married Prince William in 2011. At the time, it was called the “Kate Effect” or “The Duchess Effect.” Her fashion choices became very influential and anything she wore became a top-seller. Her influence continues and has been extended to her children, Charlotte and George. Brand Finance approximates that Kate Middleton’s star power added more than $205 million or £152 million to the British economy in 2015. As for her children, they calculate that the Prince and Princess have brought in over $239 million or £177 million) altogether.
Meghan is already having a similar effect. As the Inquisitr previously reported, a Marks & Spencer sweater that Markle wore to an appearance with Prince Harry sold out quickly after she was seen wearing it. The New York Times has called her a “singular mover of product,” as the coat that she wore at the photo op immediately after the royal engagement was announced sold out almost instantaneously.
Kensington Palace has been pretty hush-hush about the preparations for the royal wedding and few official details have been released. The Queen recently officially proclaimed her permission for the union which is part of the royal protocol that typically precedes a wedding of one of the heirs to the throne.
But details like the designer of Meghan Markle’s bridal gown remain a mystery.
In terms of who is going to be there, Mel B of the Spice Girls revealed that she and the rest of the groundbreaking British girl group were invited but there has been no official confirmation that they will perform at the reception, British Vogue reports.
Meghan Markle and Prince Harry will be married on May 19 St George’s Chapel in Windsor Castle.