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Euro 2024 to deliver huge boost to retail

Indies across the UK are gearing up for a strong summer as Euro 2024 kicks off a ‘retail bonanza’ worth an estimated £2.75 billion.

The British Independent Retailers Association (BIRA) believes the football championships could prove to be the biggest signing of the season for pubs, hospitality venues, convenience stores and electrical retailers.

With the men’s Euros kicking off tomorrow (Friday 14 June), UK consumers are expected to splurge on items like beer, pizzas, new TVs, and garden furniture. Research from the British Retail Consortium (BRC) suggests 6% of shoppers will buy a new TV or electronic device, 4% will purchase official merchandise, and nearly 10% will host gatherings.

Jeff Moody, commercial director of BIRA Group, said: “The Euros arriving in the summer months is fantastic timing for independent retailers after a challenging period. With favourable kick-off times aligning with the sunshine, we’re expecting pubs, hospitality businesses, convenience stores and electrical retailers in particular to cash in as fans flock to watch the matches.”

The £2.75 billion spending prediction surpasses the £2 billion boost from the 2022 World Cup. With Euro 2024 held in summer at favourable kick-off times, millions are expected to enjoy drinks in pub gardens and outdoor venues.

Outside of food and drink sales, a £288.6 million surge in new TV purchases, £238.1 million in sportswear and £96.2 million in merchandise, are anticipated. Fans are predicted to spend £37.7 million on decorations and £34.3 million on garden furniture to enhance their viewing experiences.

According to the BRC survey, 13% of people plan to spend more on groceries, beer, wine, spirits, and takeaways for the Euros. Younger generations, particularly 18 to 24-year-olds, are the most likely spending drivers, with 24% planning increased grocery spending compared to just 4% of over-55s.

Separate Adobe data shows a 14.4% spike in TV spending and a 115% jump in online England merchandise sales in May as excitement builds for the tournament.

Jeff added: “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.

“We’re calling on whichever party forms the new government to support measures to revitalise our high streets and invest in the independent retail community.”

 

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