Revealed: Royal wedding to deliver multi-billion pound boost for Britain’s economy

On the eve of Prince Harry’s wedding with US actress Meghan Markle, new figures have shed light on the potential economic impact of the ceremony.

The day will cost over £30m to run according to some sources, but research from Direct Line for Business suggests it could deliver a boost of £534m for the British economy.

A survey found that around 8.6 million people in the UK (17% of the population) plan to celebrate the royal wedding and spend an average of £62 each.

The 850,000 people expected to travel to Windsor for the event will do so at a cost of, on average, £75 per person.

Of the more than 2.7 million people planning to either throw a party or attend one, hosts expect to spend around £59 in preparation and guests £38.

Other expenditures include buying branded or related merchandise, with over one million people expecting to spend about £60 on memorabilia; and taking advantage of a promotional offer celebrating the occasion, which 2.3 million people are forecast to do.

Similarly, almost 1.6 million UK SMEs (28%) said they are tying their business in to the royal wedding. This could include running wedding-themed promotions, offering products focused on the occasion, or either hosting or participating in a celebratory event.

Carly Menken, of insurance firm Direct Line for Business, said: “It is always fantastic to see events like the royal wedding bringing people together to celebrate, whether in their own home or at a public event.

“Royal events are a great opportunity for innovative British small business, which can provide a real boost to their bottom line if they can capitalise on this national event.”