Prince Harry and Meghan Markle recently announced their engagement to the world. Their wedding plans seem to be all set, with the couple expecting a May 2018 wedding ceremony. Analysts have commented on how the wedding will affect the economy of the United Kingdom (UK), with some projecting a boost in the hundreds of millions.

David Haigh, chief executive of independent business valuation company Brand Finance, shared his insights with the Sunday edition of Express. He said that Prince Harry and Markle's royal wedding might generate a value "similar or even larger" than the £390 million generated by the 2012 Diamond Jubilee celebrations.

Aside from this prediction on tourism income, there is also an expected boost for the value and media coverage of Brand Britain because of the wedding. This amount is projected to be somewhere around £125 million.

Haigh added that Markle is "an accomplished actress in her own right." She may become an ambassador not only of the monarchy but for the British brands in general, especially to her hometown, the United States and to Canada, as well.

Markle's popularity as a model and actress is evident in recent news. For instance, a £495 handbag she recently carried sold out a few hours after the actress was seen toting it in public.

There is a similar effect noted by Haigh regarding Kate Middleton, the Duchess of Cambridge. Royal endorsements concerning the Duchess contribute up to £200 million every year, which led analysts to call this "the Kate effect."

Similarly, the term "Meghan effect" has been used in anticipation of the coming economy boost the royal wedding will bring.

Prince Harry and Markle will wed sometime in May of next year. The wedding will take place in St. George's Chapel at Windsor Castle. The royal family promised to shoulder most of the wedding expenses.