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Royal baby to push Brit economy up
With the Royal Birth only days away, everyone is wondering - will the baby be a boy or girl? What about the Royal Name? And some savvy retailers are already planning how to cash in on the big event.
The Centre for Retail Research suggests the royal-we-haven't-met could push the British economy up by at least $375 million - souvenirs, alcohol and food purchases will drive the spending. Their report suggests souvenirs like Union Jack booties and baby sleepers as well as food ($39 million estimated spending) and other party preps will be a boon to the struggling UK economy.
Meanwhile global ecommerce hub Alibaba is offering baby gift ideas to those interested in sending a little something to the new prince. . .or in outfitting their own bundle of joy like a British royal. Along with fun baby items like tiaras and bouncy castles, the hub suggests comfort items like fuzzy baby rugs or harnesses may be a hit with the not-quite-crawling crowd.
For those babies who are growing up a little too fast, they suggest a digital potty - including a tablet stand.
As for how etailers can stand out from the crowd and still cash in on the baby craze, Alibaba Director of Global Marketing, Michael Lee, suggests going for quality in keepsakes - like limited edition pieces or heirlooms.
"As many parents can attest, a baby will be born when he or she is ready. Monday 15th July has been given as an estimated date of birth for the royal baby, but the actual date could well be before or after this. Souvenirs alluding to the gender or name of the baby will have to go into quick production so items can go on sale immediately," said Lee. "To make the most of the post-birth boom, businesses should be well prepared and ready to submit final designs and begin making tailored merchandise as soon as an official announcement is made."
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