As UEFA Euro 2024 approaches its midway point, football enthusiasts across Europe are driving a notable surge in consumer spending, particularly in the United Kingdom. The tournament, marking the first major international football event since the pandemic without restrictions, has sparked a flurry of economic activity.
In the UK, where limited stadium attendance prompts most fans to watch from home, projections indicate a substantial boost to consumer spending, reaching £2.75 billion (€3.3 billion). Half of this expenditure is earmarked for food and beverages alone.
A survey conducted by the British Retail Consortium (BRC) in May revealed that:
13% of respondents plan to increase spending on groceries, alcoholic beverages, and takeaways to enjoy during matches.
9% intend to host or attend gatherings with family and friends to watch the games.
6% anticipate purchasing new televisions or electronic devices to enhance their viewing experience.
Kris Hamer of the BRC expressed optimism about retailers benefiting across multiple sectors: “British retailers could score a hat-trick, with boosts to groceries, electronics, and official merchandise.”
A separate study by VoucherCode, in collaboration with GlobalData, highlighted that 35.4 million Britons are expected to watch the Euros, with 30.7 million tuning in from home and 14.4 million from pubs, bars, and restaurants. This widespread viewership is projected to contribute significantly to the UK economy, enhancing spending on electronics, outdoor cooking equipment, and souvenirs.
Key spending breakdowns for Euro 2024 in the UK include:
€1.67 billion allocated to food and beverages.
€342.8 million on electrical goods, primarily for new TVs.
An estimated consumption of 82 million pints of beer throughout the tournament.
The surge in television sales extends beyond the UK, with France witnessing an additional 110,000 units sold in anticipation of the Euros and the upcoming Paris 2024 Olympics. Similar trends in consumer behavior were noted in Turkey following the national team’s qualification.
As the tournament progresses, these economic indicators underscore the significant impact of international football events on consumer spending patterns across Europe.
You Might Be Interested In:
