Attractions industry news
21 Nov 2017
British monarchy to generate £1.77bn for economy in 2017
The British monarchy will contribute £1.77bn (US$2.34bn, €2bn) to Britain’s economy in 2017, with tourism the biggest winner as millions visit the UK to get a glimpse at the Royal Family and their heritage.
Research by Brand Finance estimated the value of 'British Monarchy' as if it were a branded business, accounting for public assets and revenue streams attached to the Royal Family.
It found that the value of the monarchy amounts to approximately £67.5bn (US$89.32bn, €76.13bn), with generated gross uplift of £1.77bn – compared to the £292m (US$386.4m, €329.3m) it costs to finance the Royal Family each year.
Tourism reaps the largest rewards when it comes to the monarchy, with uplift to the sector valued at £550m (US$727.8m, €620.3m). In 2016, more than 2.7 million tourists visited Buckingham Palace, Windsor Castle, the Palace of Holyroodhouse and other royal attractions. An additional boost comes from Royal-related merchandise sales.
Tangible assets – which include the Crown Estate, the Duchies of Lancaster and Cornwall, and the Royal Collection – account for £25.5bn (US$33.74bn, €28.76bn) of the monarchy’s value. The intangible value – which measures benefits the monarchy is expected to bring the UK economy in the coming years – accounts for an estimated £42bn (US$55.57bn, €47.37bn).
“The respect for the institution boosts the price and volume premium of brands boasting a Royal Warrant or a Coat of Arms," said David Haigh, CEO of Brand Finance. "The appeal of pomp and circumstance set in living royal residences draws millions of tourists. The mystique surrounding the monarchy adds to the popularity of shows like The Crown and Victoria that offer a glimpse of the private lives of the Royal Family.
“The Monarchy is Britain’s national treasure, both symbolically and economically. Especially in the age of Brexit, Britain can rely on royal diplomacy to facilitate trade relations with the Commonwealth and the rest of the world.”
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