Newspaper article The Evening Standard (London, England)

Royal Baby Boom! Little Prince to Give Economy a Giant PS87million Boost

Newspaper article The Evening Standard (London, England)

Royal Baby Boom! Little Prince to Give Economy a Giant PS87million Boost

Article excerpt

Byline: Jonathan Prynn Consumer Business Editor

THE birth of the Duke and Duchess of Cambridge's third child will boost the economy by up to PS87 million, analysts said today.

As William and Kate settled down to life as a family of five at Kensington Palace, forecasters said the latest addition to the royal family would stimulate a welcome mini-surge in spending on the High Street after a grim winter for retailers.

The prince, who is fifth in line to the throne, was born yesterday at the Lindo Wing of St Mary's Hospital in Paddington, weighing 8lb 7oz, and gun salutes were set to be fired today from the Tower of London and Hyde Park to mark his birth.

Today, bookies shortened their odds from 3-1 to 2-1 on him being named Arthur. Betfair said James and Philip were second favourites at 4-1, after a flurry of punts on James resulted in the odds being cut from 5-1 this morning.

Professor Joshua Bamfield, director of the Centre for Retail Research, said he expected the impact of the new arrival to be less than for Kate's first two babies, but still significant.

He estimated that PS28 million extra would be spent on commemorative memorabilia such as mugs and plates; PS30 million on extra food and drink as royal fans celebrated the birth; PS9 million on books and newspapers including souvenir editions and PS20 million on "copycat" clothes and other infant goods.

Nottinghamshire based G H Hurt & Son, which made the PS69.95 merino wool shawl that the baby was swaddled in when the couple emerged from St Mary's Hospital yesterday, is already braced for a global surge in orders.

After Prince George was wrapped in a similar shawl in July 2013, orders poured in from as far as Australia and America, resulting in an eight-week waiting list.

Other companies expected to benefit include baby and maternity products retailer JoJo Maman Bebe and high street chain Mothercare. …

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