The Economics of the Royal Wedding
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30 April 2011.
No one seems to really know the real cost of Kate Middleton and Prince William’s Royal Wedding that took place in Westminster yesterday – but they’re taking a good guess. Some reports put the cost as high as £50 million, and nothing lower than £30 million. That’s still under the £70 million it cost Charles and Di to tie the knot in 1981.
30 April 2011.
No one seems to really know the real cost of Kate Middleton and Prince William’s Royal Wedding that took place in Westminster yesterday – but they’re taking a good guess. Some reports put the cost as high as £50 million, and nothing lower than £30 million. That’s still under the £70 million it cost Charles and Di to tie the knot in 1981.
The extra bank holiday was expected to cost the country £5 billion in lost production according to the CBI. However Toby Sargent, spokesman for the UK department of Culture, Media and Sport was quoted: “It’s a very inexact figure. It’s one we have been working up and testing in light of next year’s bank holiday. A number of people have taken that ballpark figure and assumed it applies to the royal wedding. It is very back-of-the-envelope at this point.”
On the other hand, the royal wedding is expected to boost UK’s £7bn a year wedding industry and give the country plenty of tourism promotional value – and tourist receipts that follow. Analysts predict it will provide a boost of up to 1 billion pounds ($1.6 billion), largely through retail sales, hotel room bookings and the hospitality trade.
Across the shore in the US the rush is already on for copies Kate Middleton’s wedding dress that The Faviana design house in New York produces for between US$1200-$1500. The company is already thinking about mass producing the hit wedding gown in China.
But the word on everyone’s lips has got to be the all the bells-and-whistles costs of the wedding. Let’s look at some of these shall we:
- Security: US$35 million
- The engagement ring: US$136,000
- The cake: US$80,000
- The dress: US$50,000-70,000
- Flowers: $800,000
- The reception: $600,000
- Accomodation for the mother of the bride: £5,000-a-night (‘royal apartment’ at the Goring Hotel)
Read more about The Most Expensive Wedding Ever on EconomyWatch.
