Speaking on the economic potential of the Royal baby Mintel’s Director of Trends Richard Cope said:

“In anticipation of the royal arrival, Mintel asked 2000 consumers about how interested they were in the birth of the Royal baby. The research revealed that whilst Brits were marginally more likely to be not interested (52% or 22.1 million Brits ) than interested (48% or 20.6 million) in the regal arrival, just over one in ten (13% or 5.4 million) royal loving Brits claimed to be very interested and there is certainly huge potential for them to spend on souvenirs and celebrations.”

“Looking at demographics, while the nation’s women (18%) are twice as likely to be very interested in the upcoming birth than men (8%), regionally, those in Yorkshire (8%) show the least excitement, this is closely followed by the North and Scotland (9%). By contrast, a London birth may well have driven up interest in this area with  those in London and the South West (17%) showing the greatest level of interest.”

“The pending birth of the Royal baby can only bring positive news for the British economy. Mintel’s research has shown how events like these foster patriotism, with 72% of consumers agreeing with the statement ‘The Jubilee, Royal wedding & Olympics made me feel proud to be British’.”

We can draw optimism from the Royal Wedding of April 2011, which created an upturn in consumer confidence lasting for around six weeks and a like-for-like upturn in the value of retail sales to the tune of 5.2% that month. Although this time the lack of a bank holiday or set date will hinder party spending on food and drink, souvenir buying is going to be given a huge boost by the fact that tourist arrivals are currently up by 13% against last year. We’re reaping the benefits of last year’s ‘adverts for Britain’ in the form of the games and we’ve just enjoyed record inbound tourism spending in first quarter of 2013.”

“When we consider how much a role the monarchy plays in marketing the country as a tourism product then the huge potential for visitors to buy souvenirs as gifts for friends and family back home becomes apparent and this represents the biggest commercial opportunity for this particular royal event.”

“When it comes to souvenirs, you name it, there’s a commemorative royal baby inspired edition, from biscuits, to crockery, to bibs, baby wear, playsets and prams. Buckingham Palace, HRH Prince Charles’s Highgrove shop and the Middleton family’s Party Pieces business are all getting in on the act.”

“It’s these factors, along with the presence of tourists that are providing good indications of a potential boom for the economy as a result. The other thing to consider is what all this means for the image of the Royal Family – and to a degree Britain as a whole and as a destination. After years of appearing as a staid, traditional institution, the Royal Family is attaining an increasingly youthful, modern and romanticised dynamic and the Royal baby is the latest – and last chapter for a while – in that process.”

 

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