UK retailers could benefit from a £1.33bn economy boost during the 2018 World Cup this summer if England make it through the second round, according to research.
A study conducted by the Centre of Retail Research (CRR) and VoucherCodes also suggested that this could rise to £2.72bn if the team make it through to the final.
The research revealed that retailers can look to increase this spend even more by providing pairing suggestions in their outlet, with alcohol, fizzy drink and food combinations and deals.
More than a quarter (26%) of 18-24-year-olds said they would be encouraged to spend more at a retail store during the World Cup if they were offered advice on which food and drink combinations went well together.
However, this strategy does not appeal to older consumers, with only 2% of those over 55 open to pairing advice.
Younger consumers are also more interested in vouchers and offers, with nearly one in four 18–24-year olds (24%) saying they could be encouraged to spend more if there was a deal, and a third of those aged 25-34, versus only 16% of 45 to 54-year-olds, and 8% of those over 55.
UK consumers are expected to spend heavily to celebrate the World Cup, spending £264m on sportswear, rising to £463m if England make it through to the final, with almost one in 10 loyal supporters looking to purchase a new football shirt.
Fans are also expected to spend a lot on souvenirs to celebrate and remember the occasion, spending £72m during the second round and £155m if England goes the distance. Whilst those looking to upgrade their viewing at home will spend £277m on new TVs and electricals, rising to £431m if England make it through to the final.
Just 16% of people in the UK claimed their spending will slow if England are knocked out of the World Cup.
Jimmy New, director of marketing at VoucherCodes, said: “The 2018 World Cup looks set to be a huge event in the UK, not only for football fans but for British retailers too, with a huge £1.33bn estimated to be put through the tills over the next couple of months to celebrate the tournament.
“Retailers and publicans can maximise the opportunity by creating a sense of occasion in their outlets. Everything from point of sale to pairing suggestions and offers, can help tap into the ‘World Cup Fever’ and increase consumer spend.”
Total spend during 2018 World Cup across each sector (all £ in millions)
|Category||Group||Round 16||Subtotal||Sales post-Grp 16 if England doesn’t progress||Total sales if England leave after Grp 16||Total Sales if England are finalists|
|Food & drink||£386||£151||£537||£282||£819||£1,122|
|Pubs clubs café||£128||£65||£193||£166||£359||£488|