Internet marketing service VoucherCodes has predicted a record mid-year period for independent retailers as the UEFA Euro 2024 football tournament in Germany kicks off, bringing an estimated £2.75bn ($3.5bn) spending surge.
This windfall could lead to the largest sales season for domestic pubs, hospitality businesses, convenience stores, and electrical retailers.
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According to VoucherCodes, favourable tournament timings coupled with sunshine are expected to draw crowds to pubs and outdoor venues.
Hospitality venues alone could see more than £600m in sales, with thirsty fans driving a £94m increase in pub beer sales.
The British Beer & Pub Association estimates an additional 20 million pints will be poured during the Euros, with 75% of consumers planning more frequent pub visits.
This £2.75bn spending surge is predicted to surpass the £2bn boost from the 2022 World Cup in Qatar.
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By GlobalDataBeyond food and drink, fans are expected to splurge on new TVs (£288.6m), sportswear (£238.1m), and official merchandise (£96.2m), according to VoucherCodes, produced by GlobalData.
Additionally, fans are likely to spend on decorations (£37.7m) and garden furniture (£34.3m) to enhance their viewing experiences.
A British Retail Consortium (BRC) survey indicates a 13% increase in spending on groceries, beer, wine, spirits, and takeaways during the period.
Younger demographics, particularly 18-24-year-olds, are leading the spending charge, with 24% planning to spend more on groceries compared to only 4% of those over 55.
Separate data from ADOBE shows a pretournament spending surge, with a 14.4% increase in TV sales and a significant 115% jump in online England merchandise sales reported last month.
Bira commercial director Jeff Moody commented: “An England or Scotland run to the latter stages would provide an even bigger boost. It’s crucial this feelgood factor translates into more sales for all types of independent retailers as consumer confidence returns.”
The Bira is urging the UK’s incoming national government to implement measures to revitalise high streets and invest in the independent retail sector.
