Prince Harry and Meghan Markle’s wedding on Saturday, May 19, 2018 will bring more than excitement. The wedding is expected to raise Britain's economy by $680 million. Some people might be surprised that the royal wedding will be a money magnet for the country. According to the New York Times, there are many ways the wedding will make money for the United Kingdom.
Prince Harry is one of the most popular members of the royal family.
Meghan, known for her starring role in the television legal drama “Suits,” has become popular in the last year because of her romance with the 33-year-old prince. Therefore, it is safe to say people will be there to see the 36-year-old former actress tie the knot in real life since she did it in her role as Rachel Zane on "Suits" during her last season on the series.
A big amount of money will come from tourism
Almost everything relating to the wedding has a price attached to it. Brand Finance reports that there will be a huge number of tourists who will be traveling to the country. Chief executive David Haigh predicts that Tourism, travel, and hotels will bring in over $270 million.
He is basing that amount on what happened when Prince Harry's older brother, Prince William and Kate Middleton got married in April 2011. About 350,000 people traveled to the country at that time.
The Office of National Statistics expects that Harry and Meghan's wedding will bring in just as many or even more people. Because of such a great interest in the younger brother's wedding, hotel rooms in Windsor are already almost all booked even though the wedding is five months away.
Tourists will not be able to go to the wedding at Windsor Castle, but they are expected to come from far and near just to be in the area and line the streets. Restaurants and other businesses are gearing up to accommodate those who will be waiting anxiously to get a glimpse of the couple.
One-tenth of the money will come from merchandise sales
Merchandise sales will make up about one-tenth of the $680 million. After the engagement was announced in November, about 1,000 ceramic mugs went on sale for $27 each. Because of the great interest in the event, the mugs were sold out in 24 hours. If that happened after the announcement of the engagement, the wedding will generate even more Prince Harry and Meghan Markle merchandise that will likely sell out just as quickly. Some items will include T-shirts, hats, picture frames with the couple's photo, and many other commemorative items.