The Royal Wedding between Prince William and Kate Middleton could provide the hotel and food sectors with a boost, according to analysts.
The couple announced their engagement yesterday (16 November) with the wedding expected in spring or summer next year.
Many are predicting that the wedding will give Britons a lift amid the gloom of public sector cuts and fear of a double-dip recession.
Verdict, part of the Datamonitor Group, predicts that the wedding could also provide the retail sector with a lift.
The analysts forecast that engagement-related merchandise could be worth between £12m and £18m, while wedding merchandise sales could “easily” top £26m in the UK.
Food and grocery retailers, Verdict adds, could rake in £360m, while an additional £216m could come from travel and tourism.
The wedding of William’s parents, Prince Charles and Lady Diana, in 1981 proved that there is an appetite for Royal Wedding-related merchandise with millions of commemorative items sold.
Neil Saunders, consulting director at Verdict, says that enthusiasm remains.
“If, as expected, it [the wedding] is a big set piece event, it could well capture the nation’s imagination and provide a fillip to the retail sector.”
He adds that the “potentially massive event will command not just the attention of Britons, but potentially most of the world.”