William and Kate’s 2011 royal wedding boosted the British economy by £2 billion, increasing visitors to the UK by 4 million in the following years. Shops and pubs were forecast to benefit from nearly £500 million, and retailers noticed a rapid increase in the sales of street party food favourites.
The big question is – will Harry and Meghan’s upcoming nuptials on 19th May have the same positive effect? It’s going to be less lavish, but still broadcast on TV and available to be streamed around the world. A business consultancy firm recently predicted the wedding will boost the British economy by £500 million, while others have guessed closer to £60 million, so how can small businesses around the country benefit?
Show the broadcast live
The royal wedding ceremony and procession through Windsor will be broadcast on TV and streamed online. Pubs and bars will be able to show the wedding live and potentially bring in big crowds. To make sure your establishment is more appealing than your rivals, consider food, themed cocktails, decorations, competitions, and fancy dress options. Being Instagram-ready is really important for businesses, so set up plenty of photo opportunities, and even consider hiring a backdrop or photo booth for the occasion.
Theme your products
Product placement decisions are hugely important when it comes to compelling customers to make buying decisions. The end of an aisle, in the window, or an equally prominent position, is a big pull and can increase sales of your most royal wedding-appropriate stock. Your customers won’t buy it if they don’t know it’s there.
Embrace the trends
The royal family are very good at setting trends, particularly the Duchess of Cambridge, whose choice of dresses, coats, and skirts regularly sell out within a day of her wearing them. Meghan Markle’s dress, the flowers, the menu, and even the wedding guests’ outfit choices are likely to influence what British consumers buy. Take note, choose the relevant trends for your business, and get your stock orders in quickly!
Prepare for the increased tourism
Depending on the location of your business, you could potentially benefit from a post-royal wedding influx of tourism. The number of people visiting the UK in 2012 rose by 800,000 after William and Kate tied the knot, compared to the year before. Small business owners in the hospitality sector in particular can benefit from an influx in tourism, but their success can have a positive knock-on effect on B2B as well as B2C businesses across the nation.
Securing funding for renovations and new stock is easier than you think. With Capify, you can get a quick quote for between £3,500 and £500,000, depending on your average monthly turnover. Repayment is flexible and only paid as your business earns.Get A Quote