The birth of Prince William and Kate Middleton’s baby will be a momentous occasion for England in more ways than one. The arrival of the Royal Baby is expected to boost the country’s economy by about $400 million.
A report released Monday by the Centre for Retail Research in Nottingham, England, explains the money will come from souvenir sales and other festivities related to the royal birth.
"Three million bottles of champagne and sparkling wine will be opened to celebrate the new baby," the report projects. It estimates from July 1 to Aug. 31 that festivities and alcohol sales will bring in $136 million; souvenirs and toys, $125 million and books, DVDs and media, $119 million.
British retailers have also taken advantage of the public’s investment in the Royal Baby by putting out Royal Baby-related merchandise in anticipation of Princess Kate’s July due date.
The royal family itself produced its own Royal Baby products as well, for example Union Flag Baby Shoes that can be purchased for $35 with some of the proceeds going to the Prince of Wales’ Charitable Foundation.
"This is a good news story, and there really is no downside," said Joshua Bamfield, director of the U.K.'s Centre for Retail Research, to Reuters. "With the birth coming in July, people will have time to get involved, and that means additional spending."
Richard Cope, director of trends for global market research firm, Mintel, said these products will not only be popular with tourists, but with locals as well.
"These kinds of events raise people's sense of pride," he told Associated Press. Cope said the royal birth will give people pride in their heritage and therefore they will want to buy products that highlight their national identity.
While Kate’s due date expected to be in July, no exact date has been given and the baby’s gender has not been announced.
Sources: ABC News, Inquisitr, LA Times
Photo Credit: Leon Neal/Getty Images