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World Cup spending spree
The start of next month’s FIFA World Cup could see a dramatic surge in customer spending in the off-trade, a new study suggests.
A recent report published by Mintel predicts that of the 71% of the UK’s adult population who were planning to watch the tournament, 63% were expected to increase their spending on food and drink.
Jonny Forsyth, senior drinks analyst at Mintel, said that while the on-trade could be the main beneficiary of the World Cup atmosphere, due to the social nature of sporting events, supermarkets would, “definitely be looking to attract more people.”
Multiple grocers are expected to start a price war over drinks and barbecue products during the summer, as 31% of those polled said they would be buying more alcohol as a direct result of the World Cup. The recent Bank Holiday saw prices drop as low as 48p a pint in some retailers.
Richard Cope, principal trends analyst at Mintel, said: “Despite edging back into growth at the end of 2009, the UK economy remains in need of the boost to spending that can be delivered by the World Cup, ideally underpinned by a successful tournament for the England team.
“Sport can be a significant driver of the ‘feel good factor’ that encourages happy consumers to spend – and the opportunity of the World Cup this summer could prove just the ticket for both retailers and the wider economy.”
Rupert Millar, 24.05.2010