The Economic Impact Of The Royal Baby

The royal baby will stimulate the economy

By now most of us have seen Prince William and his wife Catherine leave the private hospital with their new bundle of joy, George Alexander Louis.  The Duchess of Cambridge gave birth to a healthy baby boy on July 22, ending months of speculation of what the sex of the next royal family member would be. Now, merchants around the world are rushing to paint all memorabilia blue to mark the arrival of the newest addition to the royal family.

A Baby Prince Is Good for Business

Before he was even born, the royal prince, who is third in line for the throne, has already made a significant economic impact. Now that he’s here, the push to sell royal baby related merchandise, clothing and memorabilia is going into overdrive, not just in London but around the world. Canadians are often passive about their feeling towards the royal family, but in the case of a new baby things seem different. There is a strong sense that Canada and the world has embraced this new little boy full on and people are showing that love through their pocket books.

Economic Impact

Experts are already saying the birth of the baby will have an overwhelming positive affect on the British economy. Tourism is definitely up as the world flocks to London and the surrounding areas to be a part of this event. And those tourists will keep coming in the months and years to come to mark any occasion where the baby prince can be seen. According to the UK’s Centre for Retail Research, the royal birth will boost retail sales by $372 million between July 1 and August 31.

Make Way For Memorabilia

In the UK alone, the Centre for Retail Research forecasts $133 million will be spent on food and alcohol to toast the royal birth and another $239 million will be spent on royal baby related memorabilia. There is no dollar figure on what Canadians have or will spend on royal baby items, but judging by storefronts across the country merchants are cashing in on the birth with items related to the birth.

English Pubs and Other Attractions

What better place to celebrate the royal birth than at a British pub? Pubs across Canada have had special food and drinks on the menu to mark the royal occasion, and although not a huge boon for business, it is a reason for a few more people to enjoy an evening meal surrounded by the biggest story in the world right now. The CN Tower showed its support by lighting up blue to recognize the birth attracting people to the city’s downtown core to take pictures.

In the years to come memorabilia marking the Prince George’s milestones is expected to sell well. Times like his first birthday, first day at school, first official engagement or any other events will have trinkets and memorabilia attached to it. He is the future king and that is bound to attract the millions of followers who love the Monarchy and are willing to buy anything that brings them closer to it.

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Economic News / Lifestyle

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