Euro 2024 is set to kick off surging summer spending with grocery and electronics retailers likely to reap the most rewards, according to recent research by the British Retail Consortium (BRC).
The poll of 2,000 UK shoppers found that “the nation’s love of football will translate into additional purchases”, with 13% of people set to spend more on groceries, alcohol and takeaways.
The results, which are part of the BRC’s Consumer Sentiment Monitor, supported by Opinium, come ahead of the opening match of Euro 2024 this Friday, which will see Scotland take on Germany. England’s first match is on Sunday against Serbia.
The research found that 9% of consumers plan to host or attend gatherings with family and friends to watch matches, while 6% of shoppers expect to buy a new TV or electronic device to watch and keep up with the Euros.
The results found that people between the ages of 18 and 24 were most likely to drive up spend, with 24% consumers in this age group saying they planned to spend more on groceries, while only 4% of those aged 55 and above planned to do likewise.
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BRC director of insight Kris Hamer said: “British retailers could score a hat-trick, with boosts to groceries, electronics and official merchandise.
“After sluggish spring sales, shoppers are expected to kick off their summer spending at the Euros. Here’s hoping England and Scotland can make it all the way to the final.”
The sporting event will provide a vital boost for retailers as data released last week showed total retail sales across the UK rose by just 0.7% year-on-year in May.
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