Kate Middleton is scheduled to give birth to the royal baby in July, and the Christian Science Monitor is reporting that the Duke and Duchess of Cambridges' child may be worth up to $400 million to the British economy.
The British royal family has teamed up with retailers to produce a variety of products, from Union Jack booties to "Born to Rule" sleepwear, in order to mark the arrival of their newest heir. British analysts are now predicting that royal baby fever could boost the economy by about $380 million, or 240 million pounds.
"This is a good news story and there really is no downside. With the birth coming in July, people will have time to get involved, and that means additional spending," Joshua Bamfield, director of the Centre for Retail Research (CRR), said to Reuters after the CRR's report was released on June 17.
"There has been a lot of interest across the Atlantic as well, as the younger royals are very well thought of in the United States, so we are expecting good sales of souvenirs." Bamfield made the estimate of the baby's arrival's worth to the British economy.
Prince Charles, the grandfather-to-be of the highly anticipated infant, is currently selling handmade baby shoes, while Middleton's parents, Carol and Michael Middleton, have added a variety of baby goods to their party goods business. In addition, baby-themed gifts on sale at the palace shops will all profit its upkeep through the Royal Collection Trust.
The royal baby will follow in the footsteps of their well-loved mother, who is known for strongly influencing the consumer choices of her devoted fans, otherwise known as the "Kate effect." A Dalmatian print coat the Duchess wore last week at a cruise ship launch sold out within an hour.
"One of the biggest factors will be the unintentional royal brand endorsement," said Bamfield. "The 'Kate effect' has already taken the fashion world by storm...and this trend will follow for the infant's baby grows, rattles, first bike and so on."
