Research Says Royal Wedding Will Improve Economy by £120 Million

By Mark Jones via Wikimedia Commons

A research has revealed that the wedding of Prince Harry and Meghan Markle is expected to improve the economy of the United Kingdom by £120 million

Statistics have revealed that the royal family has a massive impact on the economy and that the monarchy makes millions for the United Kingdom every year.

The wedding of Prince Harry and Ms Markle which is scheduled to take place on Saturday in Windsor is anticipated to cost £32 million. However, researchers expect that their nuptials could improve retail by £120 million because of the hype that is surrounding it.

The researchers for Centre for Retail Research revealed: “The marriage of Prince Harry and Meghan Markle will have constitutional, emotional, cultural, religious and behavioural implications for the UK.”

According to the research, merchandise that is inspired by Prince Harry and Markle is predicted to give shops a windfall boost amounting to £120 million this year. The items include food and drink, memorabilia, books and newspapers, and fashion sales including bridal wear.

There are already tea towels, cookies, and spoons that are inspired by the couple.

The research noted that according to Bloomberg, the Royal Family raked in over £552 million in 2017 in tourism alone.

In the past, there has been a question of whether or not the Royal family was being cost-effective for the United Kingdom.

The Queen receives income through a real estate corporation that is called The Crown Estate which gives its profits to the UK government.

The Royal family earns 15 percent of the profits.

According to the Annual Report and Accounts of The Sovereign Grant of  2016 to 2017, the royal family costs the United Kingdom 65 pence per year in taxes.

However, research has revealed that the Royal Family has a massive impact on retail sales.

Researchers said that last month, the birth of Prince Louis boosted the retail sales by £87 million,

The Centre for Retail Research collected their results from a survey of 1,200 people in the United Kingdom and discussed possible figures with a sample of suppliers and retailers of memorabilia.