England expects ... soccer fans to spend £3.4bn during Euros
Pent-up demand fuels spree on drinking and merchandise
‘EUROS euphoria’ has delivered a £3.4billion spending spree on partying, drinking, souvenir merchandise and supersize TVs across the UK.
Retail industry experts believe this will help fuel a wider economic revival from the effects of the pandemic through the summer.
Households are thought to be sitting on £159.5billion in ‘excess savings’ as a result of missing out on holidays and eating out and cutting their spending in other areas, such as clothing and commuting.
An estimated £563million is expected to be spent around the England vs Italy final, with millions gathering in pubs, fan parks and homes to watch the drama, whichever team they support.
Pubs and shops are hoping that a shortage of drivers will not interrupt deliveries of food and beer on what promises to be their most lucrative weekend since the start of the pandemic.
More than seven million pints will be downed during the match itself, according to pub bosses.
Scottish fans are expected to watch the match in pubs or at home.
Analysts at the Centre for Retail Research (CRR) suggest that the total value of consumer spending linked to the event across the UK over the last four weeks will add up to £3.43billion.
Around £2.3billion will have gone into supermarket tills and more than £800m into the pub trade.
The study, commissioned by VoucherCodes, predicts 44million across the UK will tune in to watch the final. The CRR said: ‘For fans that have been unable to secure a much sought-after spot at the pub, a total of £2.32bn has been spent on food and drink at home throughout the tournament, with £358m set to be spent on snacks and drinks for Sunday’s game alone.
‘The tournament is also providing a much-needed boost to the hospitality sector.
‘Total spending figures in hospitality venues are set to rise 12.5 per cent from Wednesday’s game to a total of £180m.
‘By the end of the competition, £815m is estimated to have been spent in pubs and hospitality venues with a whopping 32.6m pints
‘A much-needed boost’
sold.’ The report estimates that £206m has been spent on sportswear and souvenirs over the full course of the tournament.
Lifestyle editor at VoucherCodes. co.uk Anita Naik said: ‘After a difficult year, the Euros have provided fans and the economy with a much-needed boost and Sunday’s final game will be no different.’
Accountants PwC said the ratings at its Consumer Sentiment Index have been running at the highest level since it started in 2008, largely because of the vaccination roll-out.
Its consumer markets lead, Lisa Hooker, said people had saved money during lockdown and were keen to hit back against the effects of the pandemic with ‘revenge spending’. She said: ‘It’s fantastic to see consumer sentiment remain buoyant as we begin to emerge from the pandemic and all lockdown restrictions are lifted.’
‘The Euro final this weekend will certainly bolster spending. Categories such as grocery will benefit, with many people enjoying the game at home. And, following a difficult year, pubs who are able to screen the match will enjoy a spending flurry from eager football fans.
‘There will still be limitations due to social distancing requirements and for many outdoor venues it will be weather dependent.’
The British Beer & Pub Association (BBPA) has predicted that fans will buy 7.1million pints on Sunday during the match with a figure of almost 13million for the day. The England team have support in high places after Boris Johnson said: ‘I congratulate Gareth Southgate and the whole team, I thought they were stunning. And obviously wishing them all the very best for Sunday.’
The Duke and Duchess of Cambridge tweeted: ‘The whole country will be behind you on Sunday #ItsComingHome.’
It also emerged yesterday that the NHS is braced for a surge in heart attacks tomorrow as the stress of watching football takes its toll on health.
Professor Stephen Powis, the national medical director for England, urged fans to be alert to the symptoms and not to wait until the end of the game before seeking care.
He said: ‘We are all willing England to do well this weekend and fans will enjoy this momentous occasion, but people who know they have coronary artery disease should pay attention to their body and try not to let the stress of the match affect them too much.’