An international businesswoman with professional ties to both the United Kingdom and Nigeria, Cecilia Ibru has worked in the banking sector for more than two decades. Educated in London, Cecilia Ibru regularly follows financial and cultural current events in the UK.
As the UK awaits the birth of Kate Middleton and Prince William’s first child, experts predict that the country’s consumers will spend in excess of £240 million in celebration of the royal baby’s birth. Over the last quarter, the UK has experienced signs of recovery in the service sector and in overall exports. The increases in spending that are expected to accompany the royal birth can only add to this burgeoning recovery.
The Centre for Retail Research recently published a report that predicted consumers would spend more than £60 million on alcohol and £25 million on food in response to the birth. The remaining £155 million will likely stem from souvenir and keepsake sales. Currently, the Royal Collection Trust, a fund that supports palace maintenance, is selling royal baby paraphernalia, including Union Jack booties and baby sleep suits designed to imitate the Royal Guards uniform. The UK economy also saw a surge in spending before and after Kate Middleton and Prince William’s wedding in 2011, when consumers spent approximately £44 million.