PLYMOUTH, Mich. -

All eyes are on Britain this summer as the world is anxiously awaiting the arrival of the newest heir to the throne. The big question that everyone is asking: Is it a boy or girl?

As Duchess Kate is resting and preparing for the arrival of her first child, the rest of the world is speculating and betting on every detail of the Royal Baby.

From hair color, to gender, to the name, it seems like everyone has an opinion about William and Kate's first child.

"It is definitely a girl," said Barbara Domagala of South Lyon.

Even local businesses have caught the 'Royal Baby' bug. The Sweet Afton Tea Room in Plymouth is having a naming contest for the Royal Baby. Patrons can post their guesses on the tea room's Facebook page and whoever guesses the name correctly will win two free high tea gift cards.

"The odds on favorites is either Alexander or Alexandra, but that's simply because it's the most popular name of sovereigns throughout history," said Local 4's Royal Expert Jon Jordan.

Jordan reported live from London when the Queen Mother died in 2002, and for the wedding of Charles and Camilla in 2005. He was the Local 4 royal expert again for Prince William and Kate's wedding in April 2011.

Jordan said Diana is a sentimental favorite for name choices but not the only favorite out there.

"I think Elizabeth is indeed a favorite," said Jordan.

Patrons at the Sweet Afton Tea Room had their own suggestions for names.

"I think Gracie is cute," said Marla Letter of Canton.

"I was thinking of Genevieve or like if it was a boy, Oliver," said Allyse Letter.

"I think Catherine Elizabeth would be lovely," said Phyllis Wilkerson, owner of the Sweet Afton Tea Room.

Jordan explains that under British law, Will's and Kate's bundle of joy will have the title of prince or princess and regardless of the baby's gender, it will be third in line to the British throne.

"That is why this baby is special," Jordan explained. "Whether it's a boy or a girl, this child will be heir to the throne after William is no longer king, after he dies."

Prince Harry is immediately affected by the arrival of this baby. Once this child is born, he moves down the line of succession, to fourth in line for the British throne.

The Delivery

The Duchess will deliver her baby in the private Lindo wing of St. Mary's Hospital. Princess Diana also delivered her sons, Prince William and Prince Harry, at this hospital.

The public will be notified that the Duchess is in labor about an hour after Kate is settled into her room. Prince William plans to be in the delivery room, as his father, Prince Charles, was for him.

The Queen's official gynecologist, his predecessor and at least three other doctors will be delivering the baby.

Duchess Kate, however, wants to have as natural as a birth as possible. She has reportedly looked into hypnobirthing. Hypobirthing is a practice that uses self-hypnosis, visualization, and breathing techniques to reduce the pain and fear of labor.

Also, according to the Palace, Prince William plans to take the standard two weeks paternity leave, while under Great Britain law new moms are guaranteed 52 weeks of maternity leave. Kate, however, is expected to make several appearances after the baby's birth.

The Economic Baby Bump

And what is a birth without a celebration? Experts said the Brit's will spend $92 million on alcohol as they toast the arrival of the new prince or princess.

It's estimated about $86 million will be spent on souvenirs and collectibles. Overall, about $380 million will be put into the British economy because of this baby bump.

Analysts also expect to see a "Keeping up with the Cambridge's" effect; that is, they expect people will start buying the same baby stuff that the Duke and Duchess buy for their baby.

Jordan said we could see this new generation of royal following in his or her mother's footsteps as a fashion trend-setter.

"I would assume this will be a well-dressed baby," said Jordan. "Like Kate, she makes a lot of purchases that are affordable. I don't think we'll see this child showing up in overly ornate expensive outfits. That's not who William and Kate are, that's not the image they want to project."

While the arrival of the newest royal is good for business, William's and Kate's wedding was even better. That event pumped $770 million dollars into the economy.

According to Time magazine, here are some other facts you might not know about the royal baby:

In a first for the Royal family, this birth announcement will be released via social media in addition to being posted just inside on the gates of Buckingham palace.

Could Will and Kate's baby inherit the recessive red hair gene and look like uncle Harry? Bookies are also offering odds of 4-1 that he or she does.

It has been over 120 years since a still-serving monarch was alive for the birth of their great-grandchild.

The couple hasn't announced where they will live directly after the birth of their child. The Duke and Duchess plan to move into their newly refurbished apartment in Kensington Palace this fall

The baby already has a lullaby written for him/her. The lullaby is called "Sleep On" and was written by Paule Mealor.

For Time's complete list, click here.