Euros to boost retail spending, BRC finds
Younger generations are the most likely to drive up spending, with 24% of the 18 to 24-year-olds saying they planned to spend more on groceries
England and Scotland’s involvement in this year’s euros are likely to net retailers a “vital” spending boost, according to polling from the British Retail Consortium.
A new poll of 2,000 British shoppers suggests that the country’s love of football will translate into additional purchases.
This will come after weak retail sales growth in May of just 0.7%.
According to the poll, groceries and electronics will see a spike in sales, with more than one in eight people planning to spend more on drinks and snacks and over one in 20 planning to buy new screens to watch the game on.
The poll also found that 13% of people plan to spend more on groceries, beer, wine and spirits, and takeaways to enjoy whilst watching the Euros.
While 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.
Only 4% of respondents plan to purchase official merchandise.
In addition, younger generations are the most likely to drive up spending, with 24% of the 18 to 24-year-olds saying they planned to spend more on groceries, while only 4% of those over 55 planned to do likewise.
Kris Hamer, director of insight at the BRC, 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.”
