Shortly after Prince Harry and Meghan Merkhel's engagement was revealed, the wedding date was set for May. The nuptials will obviously come with a hefty price tag. But analysts also predict the royal wedding could be worth at least 500 million pounds for the British economy. Vik Chege has more.

Brand Valuation, Brand Finance, and so much more. These are just some of the facets of the much anticipated May 2018 royal wedding. Forecasts reveal that the wedding could generate a total of around $668 million.

DAVID HAIGH FOUNDER & CHIEF EXECUTIVE, BRAND FINANCE "The uplift to the royal wedding, we estimate, very conservatively at about ￡500 million (USD$668 million), we think approximately ￡200 million (USD$267 million) will come from tourism, travel, hotels. About ￡150 million (USD$200 million) will come from people spending money having parties and celebrating. About ￡100 million (USD$133 million) will be free advertising for the UK around the world and the remaining ￡50 million (USD￡66 million) will be people buying t-shirts, hats, mugs and commemorative things to celebrate what will be a very popular wedding."

When the wedding of the Duke and Duchess of Cambridge took place in April 2011 there was an increase of 350,000 visitors to the UK compared to same month, the previous year. In the picturesque town of Windsor where the wedding will take place, locals and businesses are hoping for a tourist boom driven by the royal occasion.

ANDREW LEE, MANAGER HARTE AND GARTER HOTEL, WINDSOR "It means everything, we are all really excited, both myself, the staff, all the local people of Windsor are really really excited. So we are all looking forward to it. 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. "

The town's mayor John Lenton said he's delighted that the couple have chosen to wed there and that the whole town have been caught up in the excitement.

COUNCILLOR JOHN LENTON MAYOR OF WINDSOR AND MAIDENHEAD "The whole population of course is extremely interested and excited by the prospect. We are looking forward to it and we hope it will help to improve our tourist trades. We have 7.5 million tourists a year in Windsor anyway. We hope the number will increase and our biggest source of tourists of course is America."

The couple will marry in the Gothic St George's Chapel located in the grounds of Windsor Castle, which has been the family home of British kings and queens for almost 1,000 years. VC, CGTN