Royal Wedding potential to economy estimated at £620 million
A retail analyst has suggested the forthcoming nuptials between Price William and Kate Middleton could bring a much welcome boost of £620 motion to the UK economy alone, prompting many retailers and manufacturers to maximise on the potential opportunity.
With the recent announcement of a set date of Friday 29th April 2011, there is only a matter of months to go before the big day, leaving a short window for retailers to get in on the Royal Wedding sales fever.
As recently reported by Tableware International, the announcement provided a welcome opportunity for the ceramics and gifts sector specifically, with many manufacturers jumping into action on commemorative pieces days after their engagement announcement was made.
Other sectors are also moving fast to maximise profits from the news, with the fist book celebrating the royal wedding hitting UK shelves this week. Harper Collins 'William and Kate' book had a super-fast turnaround, hitting the stores just 10 days after the surprise press conferee was called to announce the news.
Neil Saunders, consulting director of retail researcher Verdict said: "It's hard to put an estimate on what benefit the royal engagement and subsequent wedding will bring to retailers but we believe in merchandise sales alone the engagement could be worth between ú12 million and ú18 million.
"Although times have changed since the last big royal engagement of Prince Charles and Lady Diana, many people will still be keen to buy some form of keepsake or memento and retailers will rush to capitalise on the merchandising opportunities.
"The benefit of the wedding itself is much bigger; however, the scale largely depends on how it will be executed. If, as expected, it is a big set piece event, it could well capture the nation's imagination and provide a fillip to the retail sector."
We'll be following up this story in the forthcoming issue of Tableware International. Are you a manufacturer creating product for the big day, or are you a retailer looking to cash in on some pre-wedding sales? Either way, we'd love to hear from you.
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