If there's anything the royal family knows how to do, it's throw a lavish wedding, such as the soon-to-come Prince William & Kate Middleton wedding. The long awaited engagement has been a buzz among the English (and the world) population, but the date has officially been set for April 29, 2011.
The extravagant spring wedding will be held at the historical Westminster Abbey with approximately 2,200 people. It is estimated that the wedding will cost the British economy £5 billion, since businesses will have to shut down for consecutive four-day weekends for the event.
Why This Trend Is Growing
- Luxury Weddings
- Disruptive innovation opportunity lies in creating more affordable alternatives to traditional extravagant weddings.
- Event Tourism
- Opportunity exists to capitalize on the global fascination with royal weddings by promoting destination weddings and local tourism during similar events.
- Wedding Merchandise
- Innovative products and services can be developed to cater to the demand for souvenirs and memorabilia related to royal weddings.
Industries Being Reshaped
- Event Planning
- Event planning companies can tap into the high-end wedding market and offer unique experiences.
- Tourism
- Travel agencies and hotels can benefit from increased interest in wedding tourism and offer tailored packages for couples.
- Retail
- Retailers can explore opportunities to create and sell royal wedding-themed merchandise to capitalize on the event's popularity.
