Britain’s royal family has a new asset. The birth of a son to Prince William and Kate has companies and merchandisers jumping at the chance to cash in on the wave of royalist fervour sweeping the globe. The press today reported that the new prince could boost Britain’s recession-hit economy by as much as £520 million.
It was just 16 years ago, in the wake of the death of Diana the Princess of Wales, that the ‘Brand Royal’ was serious damaged. The Queen was put in the uncomfortable position of having to respond to public criticism. In an unprecedented move, she spoke openly about Diana and her death in order to restore her character in the eyes of the British people. Thus began the rebuild of the Royal brand and its’ reputation. Since then the Royal Family has worked hard to align itself with traditional family values and, most importantly, to present a more caring face to the world at large.
The rebuild of ‘Brand Royal’ has been a long process which culminated in last years Olympic Games Opening Ceremony, Will and Kate’s 2011 wedding and the Silver Jubilee Celebrations of 2012. This new level of goodwill proves that the brand has successfully reinvented itself, regained public affection and has continued to allow the brand to grow in popularity and value.
Brand Finance recently published a study evaluating the Monarchy as a ‘Brand Royal’. The report estimates that the royal impact on the UK economy is up to £44 billion – on tourism alone! The main attractions in London belong to ‘Brand Royal’ with Tower Bridge (2nd), Buckingham Palace (4th), Windsor Castle (7th), and Edinburgh Castle (8th) in the list of the top 10 attractions for foreign tourists. The estimated the value of the goodwill for UK economy is £107 million for London and £620 million for the whole of the UK.
The report proves that Royal Family’s contribution to UK economy is considerable and that it is clearly one of the most successful, long-lasting and resilient of UK brands. The Royal Family aligns itself with the values that make our nation Great Britain – history, duty and strength combined with a strong sense of heritage and tradition – a set of unique brand values dating back to the Middle Ages.
This long term brand strategy of maintaining, building and re-building has forged a close relationship with the British public. The Royal Family is an obvious asset to the economy of the Uk and a Very British Brand of which we can be justifiably proud.