Euro 2024 is expected to give UK retailers a vital spending boost, a new survey is predicting.
After weak retail sales growth in May of just 0.7%, a new poll of 2,000 UK shoppers suggests that the nation's love of football will translate into a splurge on TVs, replica shirts and heading to the pub to watch the games,
Groceries and electronics are tipped to be the big winners, as more than one in eight people plan to spend more on drinks and snacks, while over one in twenty plan to buy new screens to watch the games.
The polling found that 13% of people plan to spend more on groceries, beer, wine, spirits, and takeaways to enjoy while watching the Euros.
Additionally, 9% plan to host or attend gatherings with family and friends to watch matches, 6% expect to buy a new TV or electronic device to keep up with the Euros, and 4% plan to purchase official merchandise.
Hope for an England win is reflected in younger generations the most likely to drive up spending, with 24% of 18-24-year-olds saying they planned to spend more on groceries, compared to only 4% of those aged 55 and over.
The results are part of the British Retail Consortium’s Consumer Sentiment Monitor, supported by Opinium. The findings come ahead of the opening match of the Euros this Friday, which will see Scotland take on Germany, followed by England playing Serbia on Sunday.
Kris Hamer, Director of Insight at the British Retail Consortium, commented, “British retailers could score a hat-trick, with boosts to groceries, electronics and official merchandise. After sluggish spring sales, shoppers are expected to kick off their summer spending at the Euros. Here’s hoping England and Scotland can make it all the way to the final.”
Adobe meanwhile reported a 14.4% increase in TV spending and a 115% increase in sales of England football shirts and other team merchandise in May compared with normal levels.
“Football fans ready themselves for a summer of sport, driving a significant uptick in sales of England football merchandise and TVs.” Vivek Pandya, lead analyst of digital insights at Adobe, told the Standard.
Pubs too are gearing up for a bumper few weeks with opening hours to be extended to 1 am if England or Scotland make it to the semi-finals.
Kate Nicholls, chief executive of UKHospitality, said, “The Euros will be a huge event for pubs and hospitality venues across the country.”
Emma McClarkin, chief executive of the British Beer and Pub Association, noted, “We expect nearly 300 million pints to be sold during the four weeks of the tournament, both alcoholic and non-alcoholic, with a total value of around £1.4 billion.”