Royal-baby fever expected to boost Britain’s economy
Royal-baby fever is expected to give a boost to the British economy.
For months companies have been banking on the country’s obsession with the baby being carried by Duchess of Cambridge, with products such as strollers designed after the royal carriage.
The Center for Retail Research estimates that the birth will infuse the British economy with about 243 million pounds, or $373 million.
PHOTOS: Countdown to the royal baby
Brits toasting to the birth will account for almost a quarter of the economic stimulus. The research firm estimated that about three million bottles of champagne and sparkling wine will be consumed.
Additionally consumers will spend 25 million pounds, or $38 million, on food for celebrations through August. Memorabilia and toys will account for about 80 million pounds in sales, or about $122 million.
The research group noted that companies such Mothercare were ready to make a profit with royal baby onesies, gowns and the like.
Stroller sales were expected to rise by 13%, or $51 million, “with parents striving to keep up with the Cambridges,” the study said.
In the hours after the announcement that Kate Middleton had gone into labor, British bookies saw their own regal boost.
Ladbrokes so far has taken in 5,000 bets related to the royal baby, the most popular on the name of the baby and its sex, said Alex Donohue.
“Stakes are only small, but it’s such a big talking point, people are happy to have their bet, as little as one pound, in order to feel involved,” Donohue said.
Coral, another British booking company, said it had taken in about 1.5 million pounds from royal-baby betting. The most popular wagers indicate expectations are high for a girl named Alexandra.
“We have seen single bets of up to 5,000 [pounds] on a girl, with nobody betting on the male,” said Nicola McGeady. “It is the biggest non-sport betting event in the history of Coral bookmaking.”
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