The latest Royal Wedding might have taken place in Windsor, but it is thought to have resulted in a big financial boost for many businesses across the nation.
Last weekend (May 19th), 50 million people in the US and UK alone watched Prince Harry and American actress Meghan Markle tie the knot in a lavish ceremony at Windsor Castle. According to Direct Line for Business, more than 850,000 people turned up in the south-east town for the historic event, providing significant income for the retailers, food and drink establishments, and travel industry there.
However, according to the financial services provider, the spectacle added £534 million to the whole economy, as people throughout the UK spent extravagantly in celebration of the happy couple, reported Insider Media.
Carly Menken from Direct Line for Business said: “Royal events are a great opportunity for innovative British small businesses, which can provide a real boost to their bottom line if they capitalise on this national event.”
The findings revealed 450,474 small and medium-sized enterprises (SMEs) across the country ran an event to celebrate the nuptials; 337,855 offered a promotional discount; 315,332 renamed one of their products; and 213,975 used the wedding as a marketing hook to gain more business.
As many as 168,928 savvy entrepreneurs even increased their prices in the run-up to the wedding, helping them make the most of Brits spending more cash over the celebratory weekend.
Welsh businesses can continue to take advantage of the Royal Wedding hype by selling branded products, as £68 million extra was spent on these over the weekend.
Do you want to be a featured business on our blog? Get in touch with us via email with Blog Post as your subject line. Don’t forget to include some photos as well!