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Euro 2024 set to boost consumer spending

England and Scotland’s Euro 2024 exploits are likely to net retailers a vital spending boost, according to the British Retail Consortium.

After weak retail sales growth in May of just 0.7%, a new poll of 2,000 UK shoppers by the BRC suggests that the nations’ love of football will translate into additional purchases.

Groceries and electronics were the big winners, as more than one in eight people plan to spend more on drinks and snacks, while over one in 20 plan to buy new screens to watch the game on.

The polling found:

  • 9% plan to host or attend gatherings with family and friends to watch matches
  • 13% of people plan to spend more on groceries, beer, wine & spirits, and takeaways to enjoy whilst watching the Euros
  • 6% of shoppers expect to buy a new TV or electronic device to watch and keep up with the Euros
  • 4% plan to purchase official merchandise

Younger generations are the most likely to drive up spend, with 24% of 18-24 year olds saying they planned to spend more on groceries, while only 4% of those aged 55+ planned to do likewise.

The results are part of the British Retail Consortium’s Consumer Sentiment Monitor, supported by Opinium. It comes ahead of the opening match of the Euros today (14 June), which will see Scotland take on Germany, followed by England playing Serbia on Sunday.

Kris Hamer, director of insight at the British Retail Consortium, 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.”

 

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