Eurovision buzz brings sales boost
The Eurovision Song Contest returns to the UK for the first time in 25 years and looks set to deliver a £470 million boost to retailers and hospitality venues, according to a new report
The findings from the Eurovision Spending Report reveal that an estimated 15 million consumers could watch the contest either from their own homes, or at events across the competition.
As 13.5 million consumers get ready to tune in from home, up 35% in recent years, UK retailers are set to generate £244 million in sales as 9.9 million consumers stock up on food, drink and decorations ahead of the final on Saturday 13 May.
The majority of sales made by retailers will come from food and drink spend – accounting for £187 million of the total profit. Breaking this down further, the equivalent of 1.4 million bottles of wine, 900,000 pints of beer, and 400,000 bottles of prosecco are set to be sold to consumers throughout the contest. Retailers will also benefit from UK shoppers spending £13 million on decorations, £4 million on souvenirs, and £5 million on fancy-dress wear.
The report revealed that:
- Retailers are predicted to make £244 million as 9.9 million UK shoppers stock up on food and drink to enjoy at home across the contest
- Retailers are predicted to sell 1.4 million bottles of wine and 400,000 bottles of Prosecco
- Bars, pubs and restaurants are expected to make £143 million throughout the competition
- UK consumers are anticipated to spend £71m on takeaway food
Maureen McDonagh, SVP International & Managing Director at VoucherCodes.co.uk, commented: “With huge numbers of Eurovision fans set to watch the contest at home with friends and family, retailers are provided with an extra opportunity to boost sales of food, drink, and decorations in the week after the King’s Coronation.
“Whilst the contest is sure to be well-received by consumer and retailer alike, it’s important for retailers to remember that saving money is still front of mind for many consumers, and this month could potentially become very costly many people. Therefore, providing real value for money by offering competitive discounts, extra customer incentives, and loyalty rewards is important. Not only will this attract customers to shop with your brand, but it will also encourage them to return even after the competition has finished.”
Photo: Alexey Fedorenko – stock.adobe.comevents hospitality retailers sales