Royal baby worth his weight in gold to the Firm

Models of Britain's Prince William and his wife Catherine, Duchess of Cambridge, and their newborn baby, are seen on sale in a Mothercare store, in central London July 23, 2013. REUTERS/Paul Hackett
Models of Britain’s Prince William and his wife Catherine, Duchess of Cambridge, and their newborn baby, are seen on sale in a Mothercare store, in central London July 23, 2013. REUTERS/Paul Hackett

The Firm, as Britain’s royal family calls itself, has a new asset — the royal baby.

With the world media in a frenzy over the birth of Prince William and his wife Kate’s son, companies from airlines to champagne-makers have jumped on the chance to cash in on the wave of popularity sweeping over the royal family.

From royal potties to blue-cream-filled doughnuts to china commemorative plates, the range of merchandise celebrating the birth of the prince ranges from the obvious to the bizarre.

Economic forecasters have suggested the new prince could boost Britain’s austerity-hit economy by as much as 520 million pounds ($780 million) in the short term as well-wishers buy souvenirs, celebrate his arrival, and buy baby products.

But the longer term impact of the latest good news from the House of Windsor is deemed more significant, with the rising popularity of the royals helping underpin the image of Britain abroad while brightening consumer sentiment in a tough economy.

Asset valuation agency Brand Finance said the monarchy was one of Britain’s most valuable brands, run professionally like a firm and set to contribute an estimated 1.9 billion pounds to the British economy this year while costing 250 million pounds.

“Whether you agree or disagree with the constitutional principle, there is little doubt that the monarchy adds significant annual earnings and long term economic value to the UK,” Brand Finance’s Chief Executive David Haigh told Reuters.

“The latest Windsor will be an effective and lucrative ambassador for Brand Britain, making a significant contribution to the task of driving Britain out of the recession. There is a trend in favor of the royal family and they are clearly getting very good advice over marketing and communication.”

The estimated benefit of the monarchy to the economy was worked out by valuing intangible assets such as tourism, merchandising, PR value, and royalties.

BRANDING “THE FIRM”

Tourism is Britain’s fifth largest industry and the royal family plays a leading role.

Royal ceremonies and events always get worldwide media attention and have helped increase the royals’ popularity, such as with William and Kate’s spectacular wedding in April 2011 and the queen’s Diamond Jubilee last year.

Tradition reigned on Monday with pomp and ceremony around the yet-to-be-named baby’s arrival as the birth announcement was pinned to a golden easel inside the gates of Buckingham Palace.

Clarissa Campbell Orr, historian of monarchy at Anglia Ruskin University, Cambridge, said Britain’s monarchy was a long-lasting brand in that it promoted continuity by combining heritage, tradition and a close relationship with people.

She said the younger royals, led by Prince William and his soldier-playboy brother Harry, had cemented this feeling of continuity. A poll last week showed the popularity of the royal family is back at record levels with 77 percent support for the monarchy.

The royals fell out of public favor for misjudging their reaction to the death of the hugely popular Princess Diana, who was killed in a car crash in Paris in 1997, a year after her divorce from Prince Charles. They were seen as out of touch.

“There are people who have not forgiven Prince Charles for his relationship with Princess Diana but the relationship between William and Kate is unclouded and uncomplicated. It promotes continuity,” Orr told Reuters.

“This is a fresh generation. The monarchy has proved that it is adaptable and it’s much more media savvy than it used to be.”

Haigh said the royal family had received good advice in recent years from public relations and marketing experts on how to re-invent its image, trimming down the number of royals to focus on the younger generation.

“They haven’t put a foot wrong in anything they have done recently,” Haigh said. “I am neutral about the monarchy as an institution but if you look at the economics, it is almost irrefutable that they are going a good job in helping the British economy.”

 


News
Entertainment
Sports
Lifestyle
Local

Hillary Clinton headed to Boston for women's leadership…

Former U.S. Senator and Secretary of State Hillary Clinton is set to visit Massachusetts Wednesday amid continuing speculation about making another bid for the presidency in 2016.

Local

Boston Marathon: Marathoners ready to run, honor victims

Scores of runners will cross the Boston Marathon starting line in Hopkinton Monday and embark on a 26.2-mile journey to Boston in honor of the victims.

Local

MIT student, Rhodes scholar, dies

Eliana Hechter, a student at MIT and Harvard, died, her family said. The announcement was posted on MIT's website.

Local

Video: Car crashes into Cambridge store, man arrested…

A Cambridge man was arrested on gun and drug charges after crashing his car into a Massachusetts Avenue storefront early Saturday morning.

Television

'Game of Thrones' recap: Season 4, Episode 3,…

The problem with the devil you know is that ignoring them doesn’t mean they simply lie in wait. It allows them time to do things…

Television

Discovery cancels 'Everest Jump Live' special in wake…

The Discovery Channel has indicated it will not be moving forward with "Everest Jump Live," a planned special about mountain climber Joby Ogwyn's effort to…

The Word

'X-Men' director Bryan Singer drama continues

  News broke late last week that "X-Men" and "The Usual Suspects" director Bryan Singer is being sued by a man who said Singer molested…

The Word

Miley Cyrus cancels more dates, tweeting from hospital

Miley Cyrus is reportedly so sick that she's had to postpone more tour dates. We know this because she has been sitting in a hospital…

MLB

Red Sox and Orioles meet Monday morning at…

Red Sox and Orioles meet Monday morning at 11 a.m.

NHL

NHL video highlights: Bruins smack down Red Wings…

NHL video highlights: Bruins smack down Red Wings in Game 2

MLB

MLB video highlights: Red Sox defeat Orioles, 4-2

Brock Holt the difference in the Red Sox' win

NHL

NHL video highlights & analysis: Red Wings dump…

NHL video highlights & analysis: Red Wings dump Bruins in Game 1

Travel

Packing: The one thing you need in your…

A new survey that looks at the travel habits of 50,000 people around the world has revealed that Western and Asian globetrotters have different priorities…

Home

Is your chair making it hard to talk?

Ever wished there was an office chair that could make impromptu meetings and discussions more private? The Cristiana Wing Chair is an asymmetrical armchair which…

Travel

Live large at these luxury hotels

From Thai boxing lessons and macabre Dracula tours to the Australian Outback, the Four Seasons hotel chain launched a series of new travel packages this…

Parenting

4 things that every summer camp should have

Alan Saltz, director of the 92nd street Y program lists things that every summer camp should have.