The start of Euro 2024 this week is predicted to drive an increase in shoppers splashing the cash on new tech and food supplies.
According to a survey by the British Retail Consortium, 6% of shoppers say they expect to buy a new TV or device to watch the matches, and 4% are planning on buying official merchandise.
Meanwhile, some 13% of people said they’re going to spend more on groceries, alcohol and takeaways for the month-long football fest.
The research reveals that younger people are most likely to fuel the spending boost, with nearly a quarter of 18 to 24-year-olds saying they’ll spend more on their food shop, compared to just 4% of people aged 55 and over.
Kris Hamer, BRC director of insight, said the survey of 2,000 adults shows retailers “could score a hat-trick”.
“After sluggish spring sales, shoppers are expected to kick off their summer spending at the Euros,” he said.
“Here’s hoping England and Scotland can make it all the way to the final.”
Different figures from Adobe show there’s been a 14% rise in spending on TVs, while online sales of England shirts and other team merchandised soared by 115% in May.
Argos predicts it will sell 180,000 televisions during the tournament – the equivalent of four every minute.
The retailer said demand appeared to be driven by people wanting to watch sports on larger TVs.
And while football fans in the UK are preparing to watch this weekend’s games from their sofas, anyone lucky enough to have tickets to the tournament in Germany will benefit from the pound hitting its highest level in nearly two years against the euro.
The currency fell when Emmanuel Macron, the French president, called a snap election after his party suffered calamitous results in EU elections.
The euro dropped to as low as 84.53p yesterday morning – its lowest since
August 2022 – so it’s a good time to snap up that holiday cash if you’re heading over there!
Source: Money blog: UK passport one of worst value in Europe after price hike
