Retail sales expected to reach £1.6bn during World Cup
According to research, it is expected that an estimated £1.6bn will come from retail spending throughout the World Cup.
For the first time ever, the tournament is being held during winter, making options more limited on where consumers can watch and many viewers are expected to watch it at home, instead of heading out to pubs and bars.
The 2022 World Cup started on Sunday 20th November and runs until Sunday 18th December.
Additionally, with the competition taking place in Qatar, many of the matches will be played at 10am and 1pm, up to 7pm UK time, meaning that many fans will be at work and unable to visit hospitality venues. With rising costs and economic uncertainty added to this, many consumers will be choosing to watch the matches at home or at friends’ houses.
According to the VoucherCodes.co.uk World Cup 2022 Spending Report, an estimated £1bn will be spent on food and drink as fans stock up for viewing parties.
A breakdown of the UK nations shows that England is forecast to spend the most during the tournament, with a total spend of £1.41bn, with Wales next with a total spend of £92.9m. It is estimated that Scotland will spend £70.5m and Northern Ireland £28m.
The VoucherCodes.co.uk report assumes England will progress until the quarter finals and Wales not making it further than the group stages. This means the group stages are set to see the highest retail spend at £1.01bn.
Maureen McDonagh, managing director at VoucherCodes.co.uk said: “It’s clear that the ongoing cost-of-living crisis is going to negatively impact retailer profits during the 2022 World Cup, especially when comparing our forecasts to the impressive sales driven as a result of the last World Cup in 2018.
“However, despite a more muted sales performance anticipated, retailers can still expect a busy period during the World Cup, particularly as more consumers than ever are planning to tune in to the games from home in order to save money.”