August 29 2014 Latest news:
Wednesday, June 4, 2014
The World Cup will generate a £1.3 billion sales boost for UK retailers, pubs and restaurants if England makes it through the second round, figures suggest.
Fans will spend £2.58 billion if England makes it to the final, according to the report by VoucherCodes.co.uk.
The study suggests every goal by the England team is worth £198.5 million for UK retailers and the leisure industry, with £165.3 million specifically spent with retailers.
More than 23 million people in the UK are likely to go on a World Cup spending frenzy, buying souvenirs or sportswear, new televisions or celebrating at home or in pubs, restaurants and bars, the study found.
Each fan is expected to spend £56 on retail and leisure, but if England reach the final this will double to £112.
Food and drink at home makes up the biggest portion of spending, taking up £508 million if England emerges from the group stage, and more than £1 billion if the team makes it to the final.
Fans are expected to spend £255 million on televisions and other electrical devices if England makes it through the second round, rising to £475 million if they reach the final. A total of £175 million is expected to be spent in pubs, clubs and cafes, increasing to £431 million for a final appearance.
Other spending categories include sportswear (£249 million increasing to £429 million), souvenirs (£71 million increasing to £148 million) and garden/barbecue (£34 million increasing to £56 million for the final).
VoucherCodes.co.uk managing director Claire Davenport said: “The World Cup is going to be the biggest retail event in 2014, providing an expected £1.3 billion boost for UK retailers, pubs and clubs.
“With 23 million fans expected to celebrate England’s successes by heading to the pub, upgrading to the latest TV or buying England memorabilia, the retail industry should think ahead and help fans by providing tailored World Cup deals and discounts.
“Since the last World Cup, we’ve seen the UK come out of recession, unemployment drop month-on-month this year and estimates the GDP will grow by 3.1% in 2014.
“This, coupled with consumer confidence at its highest peak since September 2007, has impacted on the feel-good factor of England’s fans this summer - which can only be good news for our retailers, pubs and restaurants.”
A Norwich-based business which started as a “man with a van” operation is eyeing further expansion after seeing its predicted turnover increase from £6,000 to £340,000 within five years.