With the Eurovision Song Contest being held in the UK for the first time in 25 years, it is expected to drive £244m through UK retailers’ tills, a new report has revealed.
The Eurovision Spending Report by savings site VoucherCodes.co.uk, estimates 13.5 million consumers will watch the contest, which runs until 13th May 2023, from the comfort of their own home - a 35% increase in participation in recent years - while a further 1.5 million will attend in-person events.
The report predicts that 9.9 million consumers will stock up on food, drink and decorations ahead of the final on Saturday 13th May.
The majority of sales made by retailers will come from food and drink spend - accounting for £187m, with 1.4 million bottles of wine, 900,000 pints of beer, and 400,000 bottles of Prosecco set to be sold to consumers throughout the contest.
Retailers will also benefit from UK shoppers spending £13m on decorations, £4m on souvenirs, and £5m on fancy-dress wear.
Takeaway food is set to generate an additional £71m across the competition as 4.8 million consumers enjoy food within their own home.
Maureen McDonagh, SVP international & managing director at VoucherCodes.co.uk said: “It’s clear the Eurovision Song Contest returning to the UK for the first time in 25 years means excitement levels are high amongst British consumers. As our data shows, this buzz will result in a busy period for many retailers and a boost in sales during the contest, in what is set to be a bumper May for the industry.
“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.”
No comments yet