What’s going on here?
English pubs, supermarkets, and restaurants are bracing for a financial windfall this weekend, thanks to the Euro 2024 final and Wimbledon men’s singles final.
What does this mean?
After a sluggish start to summer marked by wet weather, UK businesses are gearing up for a weekend of high sales, driven by popular sports events. June saw British consumer spending take a hit due to poor weather, but optimism is growing with lower UK inflation, rising living standards, and political stability under the new Labour government. Tesco is closing over 1,800 Express stores early on Sunday to let staff enjoy the Euro 2024 final and is also ramping up supply to meet increased demand. Sainsbury’s expects beer sales to surge by 200% year-on-year over the weekend, with sparkling wine and ready-to-drink cocktails also seeing a 30% boost. Retailer Asda has sold over 20,000 ultra-high-definition TVs during the tournament and anticipates more sales. JD Sports, meanwhile, has seen a significant uptick in England merchandise sales, a trend Adobe data supports, forecasting a 1,500% spike following the semi-final. In the hospitality sector, Young & Co Brewery and Fullers report near-full bookings at pubs, while Domino’s Pizza is offering a 50% discount on popular pizzas online from Friday to Sunday to attract football fans.
Why should I care?
For markets: A weekend windfall.
UKHospitality predicts British pubs and bars could see a £120 million ($155 million) sales surge during the Euro 2024 final. While supermarkets and pubs gear up for increased activity, high streets, shopping centers, and retail parks might experience lower foot traffic as people opt to enjoy the matches at home. This shift could have a ripple effect on retail patterns, emphasizing the economic pulling power of major sports events.
The bigger picture: Sports and spending.
The convergence of Euro 2024 and Wimbledon finals represents more than just a boost for businesses; it underscores the intersection of sports and economic activity. With the Wimbledon women’s final on Saturday and the men’s on Sunday afternoon, followed by England’s historic face-off against Spain, the weekend is set to be a showcase of national pride and consumer enthusiasm. As the country rallies behind the national team, businesses are leveraging this opportunity to maximize their summer returns.