UEFA EURO 2024: ROUND OF 16 RETAIL AND HOSPITALITY SPEND SET TO REACH £386.9 MILLION
Posted by: electime 26th June 2024
Retail and hospitality sales are predicted to reach £386.9m during the UEFA Euro 2024 Round of 16, kicking off Saturday 29th June, a new report reveals.
The Men’s UEFA Euro 2024 Spending Report by VoucherCodes.co.uk, the UK’s most trusted savings site, forecasts that 21m supporters around the UK will tune into the first knockout round of the tournament, either from home, at a bar, local pub, restaurant, or by attending a game in Germany.
Of the total viewers,17.2m (82 per cent) are set to watch from the comfort of their own homes, and as a result, retail spend is set to outweigh spending in hospitality venues. Throughout the Round of 16, retailers can expect to see 10m shoppers through their doors and online, generating a predicted £293.5m in sales. Following in the footsteps of the group stage, retail spending on food and drink is set to reach £176.5m, as fans look to stock their fridges ahead of the next stage of the competition.
Electricals (£57.1m), sportswear (£21.1m), merch (£11.5m), garden cooking items (£11.4m), garden furniture (£7.7m), decorations (£5.7m) and other home-related items (£2.6m) are also expected to contribute to overall retail revenue.
Despite most fans set to watch from home, the hospitality sector is still set to welcome sales of £93.4m as 9.1m consumers head to their local pub, bar or restaurant. Breaking this down further, UK hospitality venues are expected to make £61.9m from drinks sales and £39.8m from food sales.
Three Lions fans are also set to consume a whopping 7.3m pints for England’s big match on Sunday alone, as over half a million (600k) cheer the team on from a fan zone.
Michael Brandy, Senior Commercial Director at VoucherCodes.co.uk commented: “Despite more favourable kick-off times than recent tournaments, many consumers are choosing to watch the tournament at home to save money. As a result, retailers can expect a busy period during this stage of the tournament as fans stock up on matchday essentials.
“With the weather hopefully getting better over the next few weeks, we expect to see a significant rise in BBQ watch parties, resulting in a spike in sales for garden furniture and cooking products. By placing these items front of focus, and offering competitive deals and discounts over the tournament, retailers can attract new customers and boost sales during the typically quieter summer months.”
