The royal weddings financial impact

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The royal weddings financial impact

  1. 1. The Royal Wedding 2011<br />Eva Brander<br />Juho Koski<br />Katariina Lindstedt<br />Juho Seppä<br />PEN8<br />
  2. 2. The Royal Wedding<br />Prince William of Wales and Kate Middleton <br />Their wedding will take place on 29 April 2011 at Westminster Abbey, with the day declared a bank holiday in the UK.<br />
  3. 3. UK economy set for royal wedding feel-good factor<br />“The circus is back in town.”<br />“Will bring a welcome feel-good factor” by pulling in tourists and thereby “boost the economy”. <br />
  4. 4. People like to be on the spot when historic events happen<br />In 1981, Charles and Diana's wedding was cited as the reason tourists were most likely to visit the UK.<br />Hotels and restaurantswillgetboost in customers<br />Some economists think that a feel-good event could help lift broader consumer spending out of the doldrums. The great advantage is that generally these people are not borrowing, but spending out of savings or increased income<br />There is also a large group of people who are merely affected by the atmosphere of doom and gloom. These people still tend to rein in their spending with others during the recession<br />The timing of the announcement is good news for retailers specialising in Royal commemorative items, who expect to have a range of products available in time for Christmas. <br />
  5. 5. Last Royal holidayin figures<br />Queen’s Golden Jubilee back in June 2002 <br />Another Royal celebration which won the nation a day off work. <br />Depressed output, as workers downed tools for a day.<br />While gross domestic product (GDP) grew 0.8% in the first quarter of 2002<br />and 0.7% in the third<br />GDP grew just 0.4% in the second – the three months in which the Jubilee fell. <br />
  6. 6. The weddingday in GDP<br />Effect on the headline GDP will most likely be negative<br />Inflow of tourism and, arguably, a 'feel good’ factor as well, the Royal wedding will be good for the economy<br />
  7. 7. The weddingday in GDP<br />British business can expect to lose, on average, £6bn in lost productivity each bank holiday<br />There is an expectation that some of this can be recouped from extra tourist revenues and sales of memorabilia<br />
  8. 8. Kate Middleton: ”A Fashion Icon”<br />Middleton has been featured in several best-dressed lists and already called a trendsetter<br />Her stylish yet affordable fashion sense draws many to emulate her<br />The Kate effect: Her impact on fashion is huge<br /> Many of the garments she has worn have been sold out instantly<br />
  9. 9. From iconic blue Issa dress to a ruffled Burberry trench coat<br />
  10. 10. Royal wedding prompts surge in foreign holiday bookings<br /><ul><li>An extra day off in honour of the wedding of a prince </li></ul>-> many British people plan to leave the country and abandon the spectacle to the tourists<br /><ul><li>Travel agents are reporting from 30% to 56% rises in interest in their holidays
  11. 11. Hotels.com says that the number of people searching for holidays for the week ending 29 April has increased by 212% compared with the same time in 2010</li></li></ul><li>Royal wedding prompts surge in foreign holiday bookings<br />The most popular destinations are places with plenty of early summer sunshine, such as Turkey, Egypt and the Canaries<br />An alternative event has been set up by a Welsh cultural group: the Escape The Wedding Camp at a campsite near Machynlleth<br />an opportunity to escape media hype<br />
  12. 12. Royal wedding prompts surge in foreign holiday bookings<br />The city's hotels are racking up prices to take advantage of a possible 500,000 foreign visitors<br />The websites Gumtree and London Rent My House have huge numbers of people offering to rent out their homes<br />the opportunity to take a holiday<br />

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