This month, the English royal family will welcome the long-awaited wedding for Prince Harry and his bride-to-be, Megan Markle. The nuptials will take place at Windsor Palace on May, 19^th, two weeks from now. England will spend a fortune on this wedding costing at £32 million. According to CNBC, however, although the wedding will cost the country a fortune, the wedding will generate a £100 million capital for UK businesses.

Since Kensington Palace announced the location of the wedding, Windsor’s luxury hotels have additionally been capitalized and have been fully booked on the wedding day. One hotelier opposite of Windsor Palace, which offers a panoramic view of the palace, costs £3,000 per night with a complimentary ‘royal champagne package.’ For decades, the royal family has always been England’s spotlight and a tourism attraction. In addition to the revenue that Windsor’s local tourism will generate, Prince Harry’s wedding will likely bring the tourism sector over £100 million worth of businesses country-wide. The tourism board of UK stated that Prince William’s wedding in 2011 brought England a capital gain of £2 billion in the years that followed.

Brand Finance, a UK-based financial consulting company expects the wedding to bring the UK £1 billion of revenue in the coming years; £30 million generated in the tourism sector, £15 million from the fashion industry from Markle’s fashion influences, with the rest from advertisement firms, food and beverages and products commemorating the wedding.

A bakery in the countryside of the London may pass its days dearly and calmly every day, but to the Edward Durkin of Heidi Bakery, the story is different. May 19^th will be the busiest day for this 100-year-old home-style bakery. In 1918, Edward Durkin’s family opened a small bakery across from Windsor Palace. From then on, four generations have worked together to run the bakery. The owner tells CNBC, “Prince Harry’s wedding is the biggest event in our bakery’s history and we are taking full advantage of the day.” The shopping mall where Heidi Bakery is located is offered a royal warrant, which gives the businesses the official status as a supplier of gifts in Windsor.

Local businesses are already reaping from the rewards of an influx of overseas tourists. Prince Harry’s American bride, Markle, was born in Los Angeles and many believe that the wedding will introduce the English Royal traditions to other countries especially to US where Americans love new and fresh stories. Brand Finance expects tourists to hail from mainly the US, India, Argentina, India and Bangladesh.  Durkin said, “all the hotels are full, so I am envisaging the town is nearing full capacity.” With limited space in Windsor, London’s significantly more expensive hotels in Notting Hill and Kensington have also capitalized. On the wedding day, many will commute to Windsor in order to experience the festivity of the royal wedding.

CNBC’s article expressed that Markle will become England’s top fashion icon following the footsteps of Princess Diana and the Duchess of Cambridge. Her garments and accessories will become a consumer sensation. Markle will not be the first ‘Royal Fashion Influencer,’ as the Duchess of Cambridge, married to Prince William in 2011, initialized a ‘Kate Effect,’ where her casual style and its ‘everyday’ pricing produce a strong influence over the crowd. According to Newsweek’s prediction, the Duchess helps generate about £1 billion worth of revenue every year for the UK fashion industry by boosting sales of local and global labels.

Many UK-based businesses are also tackling this opportunity for growing businesses. England’s penmaker launched a luxury set of fountain pens ‘The Chapel,’ to commemorate the wedding, encrusted with Californian golden poppies and nicknamed ‘delicate feminine appeal.’ Royal Crown Derby, the oldest English china manufacturer, launched a limited-edition set for Prince Harry’s wedding designed last October. Prince William’s wedding has significantly increased the company’s revenue and in 2011, businesses soared by 10%. Other vendors and businesses taking advantage of this royal festivity includes Windsor & Eton Brewery with their limited brew, “Windsor Knot.”

Source: Chinaso