Business

Arrival of Royal Heir to Boost British Economy by £240 million

Arrival of Royal Heir to Boost British Economy by £240 million
Bernadine Racoma

Experts predict that the arrival of the first baby of the Duke and Duchess of Cambridge, Prince William and Kate Middleton, has the potential to boost the British economy. The arrival of the Royal heir, the third in line to the British throne, is surely an unforgettable event worth celebrating. And this entails British subjects spending a staggering amount of money on parties, drinks, and baby memorabilia.

Analysts are convinced that all these activities will boost the British economy by £240 million (US$380 million), with one third of that amount spent raising a toast to the newest member of the British Royal family. The Centre for Retail Research estimates a consumption of 3 million bottles of sparkling wine and champagne come mid-July when the baby boy or girl arrives.

The Kate effect

Everyone is convinced that since “the Kate effect” has dominated the fashion world, her offspring will have the same effect on baby products. The director of the Centre for Retail Research Joshua Bamfield, said that people have time to get involved with the baby’s birth which means that they will be spending money. Bamfield predicts that Kate’s choices of baby products will be copied by mothers and mothers-to-be the world over as well.

Sales of souvenirs are expected to be high since the royal couple is popular even across the Atlantic, in the United States and in many parts of the world.

Royal booties and sleepwear

In anticipation of the arrival of the first baby of William, Duke of Cambridge and Catherine, Duchess of Cambridge next month, the royal family has joined retailers in offering an array of baby products. Sleepwear that says, “Born to Rule” and Union Jack booties are bound to be bestsellers as mums and dads would definitely want to have royal garments for their own tots.

As a matter of fact, the Royal Collection Trust, a palace shop that uses sales profits to maintain the British royal family’s palaces is now selling sleep suit that looks like a palace guard man’s outfit. So far, the products available are in gender-neutral colors. Retailers are actually facing a dilemma these days on whether to manufacture products in pink or in blue. There is no confirmation from the royal couple as to the gender of the baby.

Royal booties and sleepwear

Grandfather-to-be Charles, Prince of Wales and heir apparent to the British throne, is reportedly planning to join in the fray. Prince Charles’s Highgrove country estate will be offering handmade baby shoes, according to reports. The Middleton grandparents-to-be, Michael and Carole, are themselves offering baby goods as additional products to their party goods business called, “Party Pieces.” Buckingham Palace’s gift shop will definitely be offering an official range of baby products to celebrate the newborn’s arrival.

Boost in tourism as well

With the baby coming, world media are again paying close attention to the royal family. Tourism in Britain is closely tied to the Royal family’s rich cultural heritage. Attractions related to the British royals generate about £4.5 billion annually through tourism.

Very recently the Queen’s Diamond Jubilee celebrations saw a surge of visitors. There was also a boost in tourism during the wedding of the expecting couple in 2011. According to Forbes, the wedding of Prince William and Kate Middleton garnered US$2.6 billion in tourism revenues.

Photo Credit: William, the Duke of Cambridge with his pregnant wife Catherine, Duchess of Cambridge

Comment Below
Business

More in Business

bitcoin

One Bitcoin is Now Worth Over $5,000

Brian OasterOctober 19, 2017
Toshiba Memory Chip Business

Bain Group to Buy Toshiba Memory Chip Business for $18 Billion

Bernadine RacomaSeptember 22, 2017
Bitcoin

JPMorgan Chase CEO Calls Bitcoin A “Fraud”

Camilo AtkinsonSeptember 13, 2017
Foxconn

Taiwanese Firm Foxconn to Build $10B Factory in Wisconsin

Bernadine RacomaJuly 28, 2017
Sharing Economy

The Consequences of the Sharing Economy Aren’t Always Pretty

Brian OasterJune 14, 2017
where-are-all-the-black-and-female-venture-capitalists

Where Are All the Black and Female Venture Capitalists?

Brian OasterApril 25, 2017
Kakao Talk

South Korea’s Kakao Talk Launching Online Only Kakao Bank by May 2017

Bernadine RacomaApril 12, 2017
0316_billionaires-collage-2017-1200x840

Bill Gates Still Tops the World’s Billionaires List for 2017

Bernadine RacomaApril 3, 2017
29160248 - stock market discussion

Delay in American Health Care Vote Affects Wall Street Trading

Bernadine RacomaMarch 24, 2017