Toronto/Ottawa - Prince Harry and his wife
Meghan's decision to step back from royal duties and split their
time between Britain and Canada is expected to boost Canada's
brand abroad and benefit tourism, although marketing consultants
say the effect will be limited.
Royalty is big business globally. It is estimated that the
British monarchy as a whole contributed 1.77 billion pounds
($2.31 billion) to the UK economy annually, a 2017 report by
London-based brand valuation firm Brand Finance found.
That comes from intangible assets such as the uplift given
to brands with a royal warrant, tourism to landmarks like
Buckingham Palace, and the impact of their service as goodwill
ambassadors on trade.
Last week, Prince Harry, 35, and former actress Meghan, 38,
said they would reduce their royal duties and spend more time in
North America, while also becoming financially independent. That
sparked a crisis in the British monarchy and led to questions
about what it will mean for Canada.
Any potential economic boost will depend on how Canada's
newest immigrants relate to their new home, said Charlie
Scarlett-Smith, a marketing director with Brand Finance in
Montreal.
"If they start really cherishing Canadian brands and
cherishing a Canadian identity, then we'll see aspects of those
parts of our economy - tourism, etc - start to boost as well,"
he said.
But any broader impact is likely to be negligible,
especially given that the couple appear to want out of the
limelight, said Doug Porter, chief economist for BMO Capital
Markets.
"The very fact that part of what's motivating this is to
step away from the public eye suggests we can't expect any big
boost in merchandising or tourism or that sort of thing. I don't
expect it would really move the needle at all on the Canadian
economy," he added.
The couple, who announced the decision to step back shortly
after spending their Christmas holidays in the Canadian province
of British Columbia, have trademarked the Sussex Royal brand
name.
The UK royal family remains generally popular in Canada, a
former British colony that retains Queen Elizabeth as its
official head of state.
A poll by pollster Angus Reid found 69% of 1,154 Canadians
surveyed hold Prince Harry in a favorable light, although 45% of
respondents said Canada should not continue as a constitutional
monarchy indefinitely.
Destination BC, the official tourism bureau of British
Columbia, estimated that when Prince William and his wife Kate
visited in 2016, the print and online coverage of that trip
translated into the equivalent of some C$2 million ($1.53
million) worth of advertising in the UK alone.
"As they start doing public events, and confirm their plans
for their stay in Canada, I'm sure we'll see more spikes in
interest which could certainly lead to visitation as BC gets
itself gets more attention," said Clare Mason, spokeswoman for
Destination BC.