The Prince Harry and Meghan Markle wedding demonstrated the power of strong brand persona. More than a billion dollars was made over the course of the last week. The royal family maintains carefully cultivated branding and PR persona.
There is no greater asset to the United Kingdom’s weakening economy than the Royal Family at this moment in 2018.
The Brand Financial Journal (BFJ) states: “The Monarchy … is making a significant contribution to the task of driving Britain out of recession”.
What did the Royal wedding cost?
- £30million on security measures
- £10 million on the dress, cake, flowers, glass marquee, food and drinks etc.
The taxpayers have footed that whopping security bill. But…
How much did the Royal wedding generate?
- Tourism £300 million
- PR Value £300 million
- Retail and Restaurants £250 million
- Fashion £150 million
- Merchandise £50 million
That’s a sweet total of £1.05 billion.
How does the Royal brand do it?
The brand’s consistent PR effort and media presence has ensured that any event in the Royal Household (Weddings, Births, Jubilees etc.) brings in a huge stimulus to the economy. This is in the form of tourism, commerce, hospitality, manufacturing and many other brand-value dependent avenues that we can’t even fathom.
The recent Harry & Meghan wedding saw a whole bunch of merchandise crop up. From official royal collectibles to unofficial royal wedding memorabilia to the downright weird stuff.
Official Royal Collectibles
The Unofficial Royal Wedding merch
The downright weird stuff: (This I particularly enjoyed researching)
The Beloved Princess
The days of the Royal family being seen as snooty and closed-off are over. And they might owe their new image to Princess Diana who showed them the value of public likeability and support.
The Matriarch of the most valuable Royal brand
The Meghan Effect
The Duchess gets it
What’s the brand’s bottom line?
The Monarchy costs the taxpayer close to £300 million, every year. That’s a little over 1p per person per day.
The Monarchy brings in £550m a year in tourism and £150m a year in trade.