The impact of royal wedding on the UK economy

The recent wedding celebrations organized by the British Royal Family have sparked debate regarding whether the royal wedding had a beneficial or negative impact on the British economy. In my opinion, both of these points of view are legitimate, and the following essay will look at each of the economic implications of the British royal wedding. On the one hand, the Royal Wedding improves the UK economy, which is a disturbing revelation. The Royal Family is a well-known symbol of the United Kingdom and one of the world's most recognizable organizations. Throughout the previous few years, the weddings of Prince William and Kate Middleton, as well as Prince Harry's marriage to American actress Meghan Telemark, have taken place in the United Kingdom. These events are believed to improve the UK's global reputation, enhance the national spirit, and attract tourists. According to Victor Reklaitis (2018), during the month of the royal wedding in 2011, tourism in the United Kingdom climbed by more than 3%. It's worth noting that Ella Wills (2018) backed up Victor Reklaitis's remarks by citing Airbnb General Manager James McClure, who said that the Royal Wedding offered common advantages to tourism, putting the United Kingdom back in the spotlight. The wedding of Prince William and Kate Middleton in 2011 caused the United Kingdom tourism industry to overflow with a large number of visitors, but the wedding of Prince Harry and American actress Meghan Markle in 2017 caused the United Kingdom tourism industry to explode with a growing number of tourists as well. The information comes from Ella Wills (2018), who quoted a reputed agency that stated the Royal Wedding resulted in a 1, 438 percent increase in Airbnb reservations in the London and Windsor locations. Flights to London from Europe have also seen an increase in bookings for the weekend of Prince Harry and Meghan Markle's wedding.     Ella Wills (2018) also said it comes as Airbnb predicted that Tourists arriving in unexpected major tourist Slough for the Royal Wedding weekend would increase by 1438 percent compared to May 2017. Windsor is expected to witness a 194 percent boost in visitors, with Maidenhead seeing a 362 percent increase and Reading seeing a 57 percent increase. These are typical data that demonstrate a significant increase in tourism activity around the time of the British royal wedding. Furthermore, the royal wedding in the United Kingdom has a substantial economic impact, particularly in the service sector, which includes souvenir sales, restaurants, and accommodations. Chris Stokel-Walker (2017) noted that websites selling limited-edition commemorative porcelain plates with Prince Harry and Meghan Markle's official engagement photo went up just hours after the announcement. The Bradford Exchange, headquartered in Surrey, sold 2, 017 plates for £59. 98 apiece, without including delivery fees. Additionally, Jason Holland (2016) cited  Begbies Traynor Partner Julie Palmer emphasized that Britain's exit from the EU, which will reduce the currency's value, benefitting the tourist and lodging industries in the UK. Ella Wills (2018) shared the identical viewpoint with Jason on royal wedding brings benefit source of lodgings,   Ella Wills (2018) emphasized that as enthusiastic fans prepare for the May 19 wedding, Airbnb has reported a surge in bookings in Windsor and its surrounding cities, including Slough, Maidenhead, and Reading. This is also the explanation why a people's royal wedding in 2017 drew such an oversized number of tourists. Moreover, Chris Stokel-Walker (2017) cited evidence from the Office for National Statistics, emphasized by the fact that the wedding of Harry's older brother, William, to Kate Middleton in April 2011 resulted in an increase of 350, 000 visitors to the nation in that month alone. In addition, Chris Stokel-Walker (2017) also cited statistics from the Center for Retail Research to demonstrate that the marriage contributed to a £527 million surge in UK retail expenditure, including £199 million on wedding souvenirs and mementos on the general public holiday. This can help lighten the financial burden of the state. On the opposite hand, however, in addition to polls and forecasts regarding the influence of the British royal wedding on the British economy, there are also viewpoints that point to the restrictions that remain. Analysts believe the uncertainties surrounding the United Kingdom's exit from the European Union in March 2019 and wage pressure have hindered growth. As a result, a "feel good" effect produced by Meghan and Harry's wedding, according to  Ivana Kottasová (2018), might encourage consumers to spend more but this is unlikely to be the case for long. Matt Gooding (2018) shares the same viewpoint on a “feel-good factor” that could provide a short boost to consumer confidence. As a result, any spending binge this month might lead to the following months' downturn. Ivana Kottasová (2018) also pointed out that in the first quarter of 2018, the British economy has increased by just 0. 1 percent compared to the previous three months, the slowest increase in more than five years. This has demonstrated that the UK's economic development at this period was influenced not just by the British Royal Wedding, but also by a number of other events, such as the UK's leaving the EU, which resulted in the pound's depreciation. As a result, visitors will rush to the United Kingdom. Moreover, despite the fact that royal events were meant to increase tourism, analysts and the British media forecast that many people will travel to the UK to attend the royal wedding, while others will leave to avoid the congestion. This will lead to reintroducing the issue of citizen residence changes. As a result, some social problems such as crime and theft have arisen. In addition, this wedding is considered an event that will only reduce the country's financial burdens for a short period. Although the British royal wedding event brings huge benefits to this country, there are still a few insignificant drawbacks. In conclusion, whether the UK economy has expanded considerably or not, the royal wedding in the United Kingdom has had a huge influence, with the majority of people feeling excited and grateful.