According to an estimate from Reuters, the wedding of the year could generate as much as 500 million pounds for the United Kingdom's economy, which translates to a whopping $680 million.
So, what factors could possibly contribute to bringing in more money than we can fathom? David Haigh, chief executive of Brand Finance, a business valuation consultancy, largely attributes the surge of moolah to increased tourists wanting to partake in the festivities.
"We think approximately 200 million pounds will come from tourism, travel, hotels,” Haigh told Reuters, which is about $270 million. Makes sense, considering the amount of die-hard royal wedding fans out there (us included).
Haigh also estimates that royal wedding parties will generate about 150 million pounds, aka $202 million. Although American royal wedding get-togethers probably won't do much for the UK's economy, we anticipate plenty of viewing parties in the States for the televised event. Souvenirs are also believed to rake in about 50 million pounds, or $68 million, according to Haigh (Prince Harry coffee mug, anyone?).
The massive digits don't end there. The May 19th wedding will be even more of a major win-win for England, since it will provide about 100 million pounds ($135 million) of free advertising for the country. Too bad we don't have royal weddings across the pond.
Andrew Lee, manager of the Harte and Garter hotel across from Windsor Castle (the wedding venue), added that "it’s going to be a massive boost for the economy, it’s going to be great to see so many people here for the wedding, and actually to host the wedding itself." Any chance of extra hotel rooms for us!?
Speaking of, after Kensington Palace announced the official wedding date, hotels near the venue sold out faster than you would believe. According to the Office of National Statistics, Prince William and Kate Middleton's 2011 wedding brought 350,000 people to the United Kingdom, so there's no telling how many more Harry and Meghan fans will make an appearance in Windsor at this duo's royal event.
Despite controversy over booking the May 19 royal wedding on the same day as the beloved FA Cup Final in England, it seems like Prince Harry and Meghan Markle's nuptials will apparently triumph over the sporting event—at least financially (sorry, soccer fans). In the meantime, we'll be stocking up on Meghan Markle and Prince Harry T-shirts in preparation for the big day. (You're welcome, UK economy.)