Euro 2024 predicted to deliver multi-million-pound boost for independent retailers
Posted on in Business News
Research from the British Retail Consortium (BRC) has suggested 6% of shoppers will buy a new TV or electronic device during the Euros, 4% will purchase official merchandise and nearly 10% will host gatherings.
It also stated that the Euro 2024 football tournament is estimated to be worth £2.75 billion and bira (the British Independent Retail Association) believes the tournament could prove to be the biggest signing of the season for stores and retailers.
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.
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.
Mr Moody 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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