As the world awaits the imminent arrival of the royal baby, Londoners are gearing up for a big bash to welcome the newest addition and the future heir to the throne.

As the media and fans of the Royal Family continue to camp outside St. Mary's Hospital, where Catherine, the Duchess of Cambridge, is expected to deliver any day now, residents and businesses are marking the historic occasion with fancy gifts and pub parties.

Not far from Kensington Palace, Café Diana is hosting a party to celebrate the first child of Will and Kate, as the royal couple, who married in 2011, are informally known.

The restaurant is dedicated to the memory of Princess Diana.

"We are going to celebrate the birth of the royal baby," said Abdul Daoud, who opened the restaurant in 1989. "It will bring a lot of enjoyment for the Royal Family, for Prince William and the Duchess and the whole country."

To celebrate in true English style, some establishments, like the St. James's Hotel, are hosting tea parties.

"We came up with the idea for the baby shower afternoon tea to celebrate the whole event," head chef William Drabble told CTV News.

Visitors who happen to arrive on the day the Duchess gives birth will also get in on the action -- staff at Heathrow Airport are planning to hand out gifts to passengers.

For those willing to shell out the big bucks, a royal baby-inspired luxury hotel suite at Grosvenor House is going for 2,300 pounds ($3,600 Cdn) a night.

With all the excitement surrounding the royal wait, experts say the baby's arrival will inject millions of dollars into Britain's sluggish economy, with revenues coming from higher consumer spending and increased tourism.

"We're now looking like we're going to be celebrating a royal baby, and all of these things play a really important part to increase our profile around the world," said Mark Di-Toro, spokesperson for Visit Britain.

Parties and souvenirs are expected to generate the bulk of the revenue, but alcohol sales are also expected to spike. It is estimated that three million bottles of champagne will be purchased as Londoners prepare to toast Will and Kate's bundle of joy.

Now, all that is left to do is wait. The Duchess – who is said to be back in London after a rumoured visit to her family's country estate -- is expected to give birth any day now.

With a report from CTV's Melanie Nagy