The people of Britain will spend more than half a billion pounds celebrating the royal wedding this weekend, according to new research from Direct Line for Business.
An anticipated 8.6 million people across the UK, that’s 17% of the population, are planning to celebrate.
The wedding has seemingly captured the imagination of millennials with 22% of 18-34-year-olds using it as an excuse to have a party, compared to just 13% of those over 55, contradicting the view that the UK’s love for royalty extends only to older individuals.
With revellers planning on spending an average of £62 celebrating Harry and Meghan’s nuptials, a grand total of £534 million is set to be spent over the wedding weekend.
The highest individual outgoing for royal revellers is travel to Windsor for the event itself, with more than 850,000 people expected to make the trip at an average cost of £75.
More than 2.7 million people plan to either throw or attend a party, with hosts expecting to spend an average of £59 and guests spending £38 each.
Other anticipated expenditures include buying branded or related merchandise, with over a million people planning to spend about £60 on memorabilia, while 2.3 million people plan to take advantage of a promotional offer celebrating the occasion.
Wedding fever is also getting people to change their buying habits, with 1.2 million expecting to purchase a product they would otherwise not have bought due to it being tied in with the occasion.
Nearly 1.6 million SMEs (28%) across the UK plan to tie their business into the royal wedding, with 8% planning on running an event to celebrate the nuptials and another 7% participating in planned events to celebrate the occasion.
Other popular methods for businesses looking to capitalise on the wedding include making specific products tailored for the event (6%), renaming products to tie in with it (6%), offering discounts to people (6%), decorating premises (4%) and using the event as a hook for marketing or communications activity (4%).
Carly Menken, from 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.
“While the weekend will no doubt be a time of celebration and fun, we would urge businesses intending to host pop-ups and special events to diligently check their insurance policies to ensure they are adequately covered should something happen.”
Of all recent royal occasions, the Queen’s Diamond Jubilee was the most popular for celebrating. One in six (16%) Brits – eight million people – attended parties, purchased merchandise or travelled to events to celebrate. This was followed by the wedding of Prince William and Kate Middleton (12%) and the recent birth of Prince Louis (10%).
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