LONDON: The British economy is set to benefit from a £1.33 billion ($1.77bn) spending spree if England make through the second round (the round of 16) of the 2018 World Cup, rising to £2.72 billion ($3.64bn) if the team make it through to the final, according to a study by VoucherCodes and the Centre for Retail Research (CRR).
The sectors which would determine the spending spree of UK citizens during the tournament were Food and Drink, TV electricals, Sportswear, Souvenirs, Gardens/BBQs and Pubs, Clubs and Cafes in combination.
While most Brits are loyal supporters of their team, the report claims that only 16% of the population will decrease their spending should England be knocked out of the competition in Round of 32 or the Round of 16. One out of ten loyal supporters wish to purchase a new football shirt, spending as much as $352.81 million on aggregate to emulate their football heroes and $96.22 million for souvenirs to celebrate and remember the occasion.
Food and Drink understandably scored the highest in the spending spree category, as in combination, Brits would spend up to $377.1 million even if England doesn’t do well in the competition. 86% of them are likely to watch matches from home this time, adding to these figures as well as in the TV electricals section. With televisions likely to be upgraded and more channel packages expected to be sold, British television brands stand to earn 4 times more at $403.85 million should England progress to the Round of 16.
If the national team makes the final, pubs, clubs and cafés will be the second highest gainers amongst all industries mentioned, at $652.58 million due to the obsession of people wanting to watch the matches on a big screen with friends, booze and food in company.
Jimmy New, director of Marketing at VoucherCodes, comments: “The 2018 World Cup looks set to be a big one 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 occasion. Those looking to bag a bargain, whether it’s dinner and drinks out, snapping up a new football shirt, or buying a new BBQ to host visitors, should check out the VoucherCodes site or app to help make their money go further, irrelevant of England’s fate in the tournament!”
The FIFA World Cup 2018 however, isn’t likely to match the numbers of the Rio Olympics 2016, which gave the UK economy a $4 billion boost taking into account all these industries.
