So Prince William and Kate Middleton will tie the knot on April 29th 2011 at Westminster Abbey. We love a good wedding at Bowes-Lyon Partnership but we also love the concept that this wedding could put the proverbial rocket up our rather battle worn economy.
With many of our members being business owners themselves, we look at how businesses could be impacted by this Royal spectacular. According to latest research from VisitBritain, our British Monarchy delivers a very healthy annual revenue of around £500 million to the UK economy by attracting souvenir-devouring, overseas tourists to our shores. It’s estimated the Royal Wedding will add an incremental £120 million to the economy throughout next year with a diverse range of business and industries set to be the beneficiaries.
Kate is fast turning into a fashion icon and one of the UKs trend setters, so it’s no surprise fashion houses and designers have already begun to cash in on her kudos. With Kate’s beautiful sapphire engagement dress by Issa London being sold out within minutes, already it’s clear to see the fashion industry is set to see a boost in revenue off the back of the Royal Wedding. Even Tesco has their very own replica sapphire dress, a snip at £16, which incidentally has also proven a complete sellout. So the big question in the fashion world is who will design Kate’s wedding dress? As a firm favourite of Kate’s for many years, one front runner is Amanda Wakeley who has dressed the likes of Scarlett Johansson, Demi Moore, Helen Mirren and Kate Winslet, but only time will tell – as is the prerogative of all Brides to be, Kate is keeping stum!
Even QVC have seen a wapping 800% increase in sales of their Epiphany Platinum Clad Diamonique Oval Cluster Ring, a replica of the late Princess Diana’s ring, which retails for a rather reasonable £34.42.
Many of Bowes-Lyon Partnership’s members work within the property development industry, so with William and Kate moving to North Wales, interestingly, property prices there are set to sky-rocket, could this be the latest hotspot to go after? HomeAway.co.uk has been tracking growing demand for rental properties around key events, so with demand for rental properties spiking in South Africa during the 2010 World Cup, we could see a similar impact on rental properties around London. It’s expected that owners could increase their rates by at least 100% around the time of the Royal Wedding.
Being one of the UKs leading introduction services, another economic boost that is obviously close to the hearts of all at Bowes-Lyon Partnership is the increase we have already seen in memberships – with all this talk of engagements, it seems that more people than ever are feeling the need to get their act together and do something proactive about finding a partner!
The Bowes-Lyon Team