Royal Wedding of Prince William: Implications on British Economy

March 7th, 2011 by LindseyO

There’s no denying that the past few years have been the most economically trying years in several generations across the world. There is, however, a glimmer of hope on the horizon — and it comes in the form of a royal wedding across the pond.

Can a wedding revitalize the British economy?  The short answer: absolutely.

With any major royal event, there is a mad dash for commemorative memorabilia. Royal weddings are a generally rare occurrence in Great Britain and everyone wants have something to remember the event by. Stories will be told for generations (just look at how often you see the wedding of Charles and Diana replayed on the news — and that was over 20 years ago and ended in divorce!).

With this in mind, factories across Britain have ramped up production of anything, from commemorative mugs to novelty “Kiss Me Kate” beer — to replicas of the royal engagement rings. That bodes well for the manufacturing sector which has been hurting since the economic slump began back in 2007. More production means more available jobs — even if temporary — and that, in turn, should help pump more money back into the economy.

Not only will the added manufacturing jobs help pump money into Britain’s economy, but the zealous buyers of all this must-have merchandise will do their part as well. Consumer spending has been one of the worst-hit areas of economies worldwide, with people pulling back on spending and opting to save their money for a rainy day. And, let’s face it, many people have encountered a rainy day or two in this economy. Britain’s GDP sank by 5% last year and is forecast to grow at a measly 1.8% this year. With this infusion of cash into the consumer goods industry, that rate may be helped along a great deal by year’s end. And of course, with more money flowing through retailers’ hands, more jobs may flow through the UK.

All of this excitement is happening just one year before the 2012 Summer Olympics kick off in London. Generally thought to be one of the largest tourism and money-making events in the world, the Summer Olympics will draw people from around the globe who will pump money into the British economy. The economy report indicates a faster GDP growth rate of 2.8% that year. But, with this royal wedding helping to unexpectedly speed things along in 2011, it may well end up that this one-two punch of high spending and economic goodwill may finally erase Britain’s economic woes.

Overall, with this royal wedding, everyone wins. Manufacturers get to manufacture, consumers get to consumer, and lovers get to tie the knot. Britain’s economy will likely thank them for years to come, when it becomes clear that this extra boost was just what the economy needed to get its balance back and move ahead.

So, will the royal wedding boost the British economy?  Yes, temporarily.  Hopefully this temporary boost will be the springboard to pushing ahead worldwide.

The opinions expressed in this article are those of the author, and the author alone, and do not reflect in any way the opinion of the web site USCollegeSearch.org or any of its affiliations or partnerships.  Lindsey is a contributor for USCollegeSearch.org in the Legal Entertainment category.

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