Will the new Princess deliver Royal Retail sales?
After great anticipation news broke this weekend of the safe arrival of Princess Charlotte of Cambridge. Retailers have been preparing for the big announcement for the last 9 months with many launching their “it’s a girl” promotions in-store and online within hours of the birth. Consumers were in the mood to celebrate with Sainsbury’s reporting an instant sales uplift of 26% in sales of prosecco. Global shoppers love to share these big events with Royalty, but what impact will this new arrival have on retail sales?
The Centre for Retail Research produced a report analysing the Retail Effects of Prince George’s birth in 2013. Their calculations show that retail spend totalled £247 million in the first nine weeks following his birth. A whopping £80 million was spent on festivities: £58m on drink and £22 million on food. Toys and souvenirs generated £78 million, while books, DVD’s and Media brought in £89 million.
Analysts predict more good times ahead for Retailers as a result of the new arrival with a sales boost of £150 million expected every year. Many believe that girl power will have a significant impact and that sales revenue linked to Princess Charlotte, especially from fashion related products, will outperform those of her big brother. If these projections are correct then she could be a £1billion Princess for the Retail industry by the time she is seven.
While these figures are a drop in the ocean compared to total annual global Retail spend it demonstrates that shoppers aren’t always price driven practical creatures, as when it comes to big events and Royalty we are prepared to part with our hard earned cash for souvenirs and memorabilia. During the Diamond Jubilee celebrations 80,000 solar powered waving Queen Figurines were sold and so watch this space when it comes to babies! For British Retailers this is a good news story that will continue to generate interest as Prince George and Princess Charlotte grow older, and with the power of omnichannel, one that can reach a global audience and increase their bottom line profitability.
The Pierhouse Team wish the Duke and Duchess of Cambridge and all the Royal Family many congratulations on their new arrival.
Do you find this interesting?
A lot of time and money is spent calculatingContact us