Independent retailers across the UK are gearing up for a potentially record-breaking summer transfer window, as the Euro 2024 tournament kicks off a retail bonanza worth an estimated £2.75 billion.
The British Independent Retailers Association (Bira), which represents over 6,000 independent businesses nationwide, believes the men's football championships could prove to be the biggest signing of the season for pubs, hospitality venues, convenience stores and electrical retailers.
With the men's Euros kicking off on Friday, UK consumers are expected to splurge on items like beer, pizzas, new TVs, and garden furniture. Research from the British Retail Consortium (BRC) suggests 6% of shoppers will buy a new TV or electronic device, 4 per cent will purchase official merchandise, and nearly 10% will host gatherings.
Jeff Moody, Commercial Director of Bira Group, said, "The Euros arriving in the summer months is fantastic timing for independent retailers after a challenging period. With favourable kick-off times aligning with the sunshine, we're expecting pubs, hospitality businesses, convenience stores and electrical retailers in particular to cash in as fans flock to watch the matches."
Hospitality venues alone could see over £600 million in sales from thirsty football fans. The British Beer & Pub Association estimates pubs will pour an extra 20 million pints worth £94 million during the tournament. Three-quarters of consumers say they expect to visit pubs and bars more frequently over the four-week period.
The £2.75 billion spending prediction surpasses the £2 billion boost from the 2022 World Cup. With Euro 2024 held in summer at favourable kick-off times, millions are expected to enjoy drinks in pub gardens and outdoor venues.
Outside of food and drink sales, a £288.6 million surge in new TV purchases, £238.1 million in sportswear, and £96.2 million in merchandise are anticipated. Fans are predicted to spend £37.7 million on decorations and £34.3 million on garden furniture to enhance their viewing experiences.
According to the BRC survey, 13 per cent of people plan to spend more on groceries, beer, wine, spirits, and takeaways for the Euros. Younger generations, particularly 18 to 24-year-olds, are the most likely spending drivers, with 24 per cent planning increased grocery spending compared to just 4 per cent of over-55s.
Separate Adobe data shows a 14.4% spike in TV spending and a 115% jump in online England merchandise sales in May as excitement builds for the tournament.
Moody added, "An England or Scotland run to the latter stages would provide an even bigger boost. It's crucial this feel-good factor translates into more sales for all types of independent retailers as consumer confidence returns.
"We're calling on whichever party forms the new government to support measures to revitalise our high streets and invest in the independent retail community."
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