Euro 2024 is boosting spending across Europe with the UK alone predicted to spend more than a billion pounds on food and drink.
Football fans are nearing the halfway mark of the UEFA Euro 2024 championship which began on 14 June and ends on 14 July. It is the first major international football tournament held restriction-free during the summer since the Covid-19 pandemic.
Only a limited number of fans have the chance to attend the games at the stadiums across Germany so most people are watching on TV. Financial reports suggest this is triggering a spending surge across Europe.
Food and drink sales are expected to see a significant boost, along with an increase in television purchases. In the UK alone, Euro 2024 is projected to boost consumer spending to £2.75bn (€3.3 billion), with half of that amount allocated to food and drink.
A survey for the British Retail Consortium (BRC), conducted in May, revealed that Brits were most likely to increase spending during Euro 2024. The survey found:
- 13% of people plan to spend more on groceries, beer, wine & spirits, and takeaways to enjoy while watching the Euros
- 9% plan to host or attend gatherings with family and friends to watch matches
- 6% of shoppers expect to buy a new TV or electronic device to watch and keep up with the Euros
“British retailers could score a hat-trick, with boosts to groceries, electronics and official merchandise,” said the BRC’s Kris Hamer.
“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,” he added.
Brits expected to spend €1.63bn for food and drinks
Another study by VoucherCode, in collaboration with GlobalData, analysed the impact of UEFA Euro 2024 on the UK economy.
The research revealed that 35.4 million Brits were expected to tune in to the Euros from home, pubs, and restaurants throughout the tournament. Most of these viewers – 30.7 million – would be watching from their TVs at home, catching at least one game featuring England’s national team, the Three Lions.
Additionally, it is anticipated that 14.4 million Brits would be watching at least one match at a pub, bar, or restaurant during the tournament.
The report predicts that Euro 2024 will provide a £2.75bn (€3.27bn) boost to the UK economy, driven by increased spending on food and drink sales, electronics, souvenirs, garden cooking, and more.
Looking at the details, half of the spending is expected to go towards food and drink, accounting for €1.67 billion. Electricals rank second, with £288.6 million (€342.8 million) expected to be spent mainly on new TVs to watch the games in the highest quality.
Beer tops the list when it comes to drinks
During the tournament, 230 million drinks are expected to be consumed. This includes 82 million pints of beer, enough to fill 18 Olympic-sized swimming pools.
While beer will be the most popular choice, fans will also enjoy 36.1 million glasses of wine, 10.9 million Aperol Spritzes, and 9.7 million other cocktails.
The predictions are based on the assumption that England will reach the semi-finals of the competition. All spending estimates are strictly related to the tournament.
Around 110,000 more televisions sold in France
The UK is not alone in being affected by the Euros. Research by GfK x NielsenIQ revealed that 110,000 additional televisions were sold in France this year, due to the UEFA Euro and the upcoming Paris 2024 Olympics.
The research highlights that international football competitions boost television sales not only in France but also in other European countries.
Similarly, following Turkey’s qualification for the Euros, there has been a significant increase in big-screen television sales within the country, according to the Anatolian News Agency.