The birth of a third child to the Duke and Duchess of Cambridge has come as welcome news across the world. His Royal Highness, the yet unnamed Prince of Cambridge was born at 1101 yesterday morning in the Lindo Wing of St Mary’s Hospital in Paddington. The sleeping and seemingly serene prince was then presented to the world just before 1800 before his parents took him home to Kensington Palace.
Yet who could have possibly been aware that this young baby, barely hours old, was already generating millions of pounds into the British economy. It is expected that the youngest baby of Cambridge will generate anywhere between $70 to $125m within the first few weeks of his life.
Memorabilia, souvenirs and clothes dedicated to the infant are being lapped up by both tourists and locals. The Centre for Retail Research anticipates more than $39 million in memorabilia and more than $28 million in infant goods will be purchased. Brand Finance, which provided the more conservative estimate, said $25 million of the impact will come from memorabilia and souvenirs, among other items related to the new baby.
However, he doesn’t quite have the same pull as his two older siblings. Prince George is currently worth around $3.6 billion to the British economy, and Princess Charlotte is apparently worth $5 billion. David Haigh, the CEO of Brand Finance has said that the new prince doesn’t have quite the same impact that his brother and sister did. “We believe this birth will be much less significant than the birth of the first two children as the excitement after a first prince and princess has slightly quietened down now.”
Princess Charlotte, who has now made history by being the first female ahead of a male brother in line to the succession, has generated the “Charlotte effect,” which has presented many opportunities for brands tied to her. In addition her gender is a strong credit for her, “a princess attracts endorsements from fashion brands and people get excited about her clothing and accessories choices,” Haigh said. As a boy, the Duke and Duchess’s third child is not expected to create that same kind of excitement, experts said.
Nevertheless, we can expect new babies all around the country to soon be wrapped in a G.H Hurt & Son blanket. The knitwear company has dressed all three Cambridge children on their first appearance to the media and the first press release when the family were home promoted this famous British brand.
What this shows to us is that the British Royal Family are some of the most significant contributors to the British economy. The birth of the newborn prince symbolises the essence of Britain’s future. This prince is highly unlikely to take the thrown, is just 24 hours old and is already generating significant amounts of income. Our Royal Family is unique; they hold a special place in the hearts of not only Britons but people from all across the world. We must cherish this institution and not ignore the benefits they have for our economy and our future.