The royal baby, Charlotte Elizabeth Diana, is expected to give the UK an £80m boost over the coming weeks, as retailers cash in on the feel-good factor.
The Centre for Retail Research predicts a boost of around £80m, with fashion retailers set to profit from the “Princess effect”.
When Prince William and Kate Middleton introduced Prince George in a white bird-print wrap, the manufacturer, Aden + Anais, sold 7,000 shawls in just over a week. Similarly, dungarees designed by British designer Rachel Riley worn by George for his first public appearance sold out in minutes.
Prince George’s arrival was credited with having helped create a 3.7% year-on-year increase in footfall across the West End in July 2013, according to Jace Tyrrell, deputy chief executive of business managenent consultant New West End Company.
Tyrrell said: “A Royal birth always signals great pomp and pageantry, and it is when tourists see the UK at its very best. For the businesses and attractions which help shape the experience of visitors, it is a real privilege to be part of such a special event.The economic boost which will undoubtedly accompany the birth of a new Prince or Princess will bring even more cheer to a city ready to celebrate the momentous arrival – and will further secure London’s place on the global stage.”
The Duchess of Cambridge gave birth to a baby girl at 8.34am on Saturday, May 2. The baby will be fourth in line to the throne, after Prince Charles, Prince William and Prince George.
To read a full interview with Rachel Riley, click here.