The impact of the Young British royals on UK luxury brands in the United States cannot be overstated, according to a recent report by Brand Finance commissioned by Walpole. While the ‘Meghan Markle effect’ has been widely discussed in the media, it is Kate Middleton who reigns supreme as the most influential royal influencer, as revealed in the findings.
The study surveyed over 1,500 US adults and found that younger members of the British royal family are playing a crucial role in boosting the popularity of UK luxury brands among American consumers, particularly those in the 25-45 age group. Popular television shows like The Crown and Downton Abbey, coupled with coverage of royal weddings, have resulted in 73% of Americans feeling more positively towards UK brands compared to a few years ago.
Director of Brand Finance, Alex Haigh, stressed the monarch’s significant impact on the appeal of British luxury brands, noting that any form of association between a brand and a royal member, especially the Duchesses, can lead to a transformative effect on the brand’s performance. Recent instances include a staggering 2700% surge in US revenue for Finlay and Co sunglasses worn by Meghan Markle, a swift sell-out of a white coat by Line the Label donned by her, and a remarkable 2,044% spike in searches for the Strathberry Bag she was seen carrying, causing it to sell out in a matter of minutes.
Helen Brocklebank, Walpole’s Chief Executive, highlighted the resurgence of interest in all things British due to the presence of the Young Royals. The report also pointed out that American consumers aged 25-40, who previously had little engagement with UK brands, are now displaying a keen interest in them. This demographic is of particular significance to the UK luxury sector, considering that 3.91 million Americans visited the UK in 2017, spending a total of £3.64 billion, with an average single transaction spend of £813.
With the American luxury market valued at a staggering $85 billion, the UK luxury industry stands to benefit immensely from the growing interest and demand from US consumers, thanks to the influential role played by the Young Royals in championing British brands.
For further information on the impact of the Young British royals on UK luxury brands, you can visit Brand Finance and Walpole.
