Euro 2024 football fever promises £2.75 billion boost to UK economy | Personal Finance | Finance
Celebrations – and commiserations – around the progress of England and Scotland are expected to bring out big crowds to pubs and fan parks.
At the same time, many families are expected to splash out on cinema size TV screens and projectors as they host screenings through the tournament.
While party, barbecue food and football themed merchandise are predicted to be big sellers for supermarkets.
Stats based on a consumer survey suggest spending on food and drink around the games will be some £2.1 billion ahead of a normal summer.
The nation is predicted to spend £613.7m at hospitality venues throughout the tournament, including £396.5m on drinks alone
And £70.8 million expected to be spent on garden cooking products such as pizza ovens, BBQs, and BBQ accessories and utensils as Brits look to make the most of the summer weather
The report said: “Retailers are forecast to score the largest economic boost, with 23.6m shoppers set to splash £2.1bn in stores and online.
“This marks a £0.5bn, or 31 percent increase on the 2022 World Cup. With many fans opting to watch the games at home or at someone else’s home, the vast majority of this spend will be on food and drink (£1.4bn) as Brits stock up for watch parties.
“As fans look to make the most of the favourable kick-off times and hopefully summer weather, 4.2m people are expected to spend £70.8m on garden cooking products such as pizza ovens, BBQs, and BBQ accessories and utensils.”
The report said pizza is set to be the most popular food of choice this summer, with £102.8m predicted to be forked out as supporters look to cater for large groups of friends and family.
Retail spending on BBQ foods such as burgers and chicken wings will see a spike in sales to £58.3m and £42.1m respectively. In preparation for the games.
And Brits are also expected to spend £288.6m on electricals, such as new TVs, £238.1m on sportswear, and £96.2m on merchandise, such as replica shirts.
Spending is predicted to peak during the Group Stages (June 14th – June 26th), with fans set to spend £1.14bn.
The report said: “Whilst retailers will see the largest portion of spend, hospitality venues are set to receive a £613.7m boost from 12.9m spenders across the competition.
“High expectations for the England team coupled with the warmer summer tournament means Brits are set to spend an additional £172m compared to the 2022 World Cup as they splash out at beer gardens and fan zones.
“Breaking this down further, consumers are predicted to spend £217.3m on food and £396.5m on drinks, equating to a whopping 110.3m pints of beer and cider, 36.1m glasses of wine, and 10.9m Aperol Spritz.”
Pubs remain the main forum for viewers with 7.8m choosing to watch at least one game at their local, compared to 5.3m at a bar, 3.2m at a fan zone, and 2.8m from sports clubs.
“With it being the men’s first major international tournament held in the summer months, restriction free since before the pandemic, it’s fantastic to see that fans will be looking to enjoy themselves this summer.
“As a result, many will be hosting outdoor parties with loved ones and heading to their local hospitality venues to cheer the team on throughout the tournament.
“For those heading to their local pub or hospitality venue, make sure to keep an eye out for any discounts and offers available to entice fans in.”
