William and Kate’s Royal Wedding Has UK Saying “I Do!” to Payments

The wedding bells for Prince William and Kate Middleton will finally toll Friday, April 29, but ringing can already be heard at cash registers across the UK. 

Consumers are expected to spend £1.7billion in connection with William and Kate’s big day, according to The Mirror.

“Experts have said we will shell out an average of £59.21 on mementos and £115.89 each on food and booze – more than had been predicted,” the UK newspaper reports.

The Mirror states a third of the UK’s 25-and-under population will be partying and thus will be the demographic to splurge the most.

In fact, retail industry adviser Active ­International believes there will only be enough biscuits, lollipops and chocolates to meet one tenth of the demand. (Hungry UK wedding watcher might also want to check out Papa John’s special edition pie bearing the likeness of the royal lovebirds.)

As for souvenirs, Active ­International states coins and mugs are in highest demand. A flood of royal-related apps have also hit the market, including the first official “Royal App” by the Royal Collection. For £1.79, iPhone and Android users can revisit some of the country’s most memorable royal weddings. More uncanny (and unsanctioned) app offerings include “The Royal Wedding Tea Towel App” and “Dress the Royals – Wedding Edition,” which reportedly allows users to place the Queen in a polka-dot bathing suit. Both apps cost £0.59.

The spike in consumer spending is a healthy injection for the UK economy, which will be ailing as a result of the wedding. The Telegraph reports the day off given to British to celebrate the royal nuptials will cost the country $7.9 billion.

Yet the Brits aren’t the only consumers overtaken with royal wedding fever. Across the pond, more than three in five U.S. consumers would eagerly shell out $600 on average to be at the Royal Wedding if invitations were for sale, according to American Express Spending & Saving Tracker.

“When asked which Royal Wedding luxury they would incorporate into their special day, women surprisingly said the number one splurge would be for their guests instead of themselves,” reports American Express Spending & Saving Tracker. “In fact, if money were no object, women said they would like to give a personalized gift to each wedding guest (29 percent), followed by riding in a horse-drawn carriage (22 percent) and wearing a couture wedding gown (17 percent) on the big day.”

Thus around the world, it appears everyone loves a royal wedding… although perhaps no one as much as UK retailers.

——————————

LIVE PYMNTS ROUNDTABLE: MODERNIZING & SCALING FOR THE NEW NORMAL

The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

Click to comment

TRENDING RIGHT NOW