While it may come as a shock, neither we new “Vesties” here in the UK, nor our colleagues in New York were invited to the royal wedding this weekend. However, in true nerdy form, we took it upon ourselves to analyse how this big-ticket wedding highlights some larger, financial wedding trends both in the U.S. and abroad.
The royal wedding is projected to cost a cool £32 million pounds. That’s about $43 million USD. To be fair, £30 million pounds (about $40 million USD) is going to security for the event. But if you take the security portion out of it, the royal wedding ceremony is more than 110 times the average cost of a UK wedding. Couples in the UK spend about £27,161 on their wedding, which is at a record-high, up 10 percent from 2016. Similarly, couples in the U.S. spend about $35,329 on their weddings—an eight-percent increase from 2015.
Royal Wedding Economic Benefits
This royal wedding isn’t just about blowing money: it’s also a major, and positive, factor in the UK’s economy. Fast Money reported the couple’s nuptials are expected to contribute a whopping $406 million to UK tourism, and $67.7 million to the local tourist souvenir market for UK businesses.
Local charities may also get a boost. In lieu of a traditional wedding registry, the couple requested donations to a range of charities. These initiatives include Chiva Projects, a group helping kids with AIDS; Crisis UK, the national charity for homelessness; Corporal Scotty, an organization for kids of the armed forces; youth sports charity Street Games; the ocean conservation group Surfers Against Sewage; and Wilderness UK, which brings urban youth to the great outdoors.
Landlords could also benefit. Those interested in getting a first-hand look at the event can rent homes for around £100,000 that will overlook the royal wedding route.
Although we won’t be renting out our space for the event (we’re about three miles east of Windsor Castle), we’ll be keeping close tabs on Meghan as she makes her way down the aisle in her beaded Ralph & Russo gown and eager to see how much influence the royal wedding plays in greater London’s economy—after all, Meghan does receive 42 percent more online searches than “Brexit.”