Prince Harry and Meghan Markle's wedding is set to be a "massive boost" for the UK economy.

Prince Harry and Meghan Markle

Prince Harry and Meghan Markle

The 33-year-old royal and his fiancée are set to tie the knot in a lavish ceremony on May 19 this year, and Brand Finance has estimated that the nuptials will generate around £500 million for UK businesses, with fans from all over the world flocking to witness the event.

Brand Finance's chief executive David Haigh said: "We think approximately £200 million will come from tourism, travel, and hotels."

David also estimates that £150 million will be accumulated from people buying supplies for their own post-wedding celebrations, whilst the remaining £50 million is expected to be made by merchandise such as t-shirts, mugs, and other commemorative items.

According to the Office for National Statistics, the marriage between Harry's older brother Prince William and his wife Catherine, Duchess of Cambridge, in 2011 led to an increase of 350,000 visitors to the UK compared to the same month the year before, and Brand Finance has predicted a similar rise in numbers for May's big day.

The wedding is set to take place in St George's Chapel at Windsor Castle, and businesses in the Windsor area are already gearing up to make the most of the increased foot fall that May's wedding will bring.

Andrew Lee, manager of the Harte and Garter hotel opposite Windsor Castle, said: "It's going to be a massive boost for the economy, it's going to be great to see so many people here for the wedding and actually to host the wedding itself."

Meanwhile, it was reported earlier this week that the planned nuptials have already caused a spike in tourism, as queues to visit Windsor Castle over the festive period were "huge".

A spokesperson said: "Windsor is high on many people's 'must see' list but the news of the royal wedding is only helping to elevate it even further.

"It will be a while before we can evaluate the full impact of the royal wedding on tourism to Windsor but we do know hotels locally have already taken a lot of bookings in the lead up to and during the weekend of the wedding."

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