UK economy to be boosted by World Cup
In two weeks, the 2018 FIFA World Cup will get underway in Russia, and according to estimates from a new report, the UK economy could be boosted by as much as £1.33bn, potentially even reaching £2.72bn if England get to the final.
With retailers and brands expecting a spending spree, UK-based digital marketplace VoucherCodes has broken down the expected consumer spending across categories in a new study, which also forecasts how much is likely to be spent at the different stages of the tournament.
The hospitality industry is unsurprisingly set to be one of the primary beneficiaries, with an expected £193m set to be spent in pubs, restaurants and clubs across the country, a figure that could go as high as £488m if England make it to the final match.
Football fans who decide to stay at home to watch the World Cup are likely to spend as much as £297m on alcohol and a further £240m on food if England get through the group stage, and up to a staggering £1.12bn should they reach the final.
BBQs and garden parties are also likely to see £37m spent just through to the Round of 16 stage, and customers throughout the UK as a whole are also set to spend £264m on sportswear, which will increase to £463m if England go all the way to the final.
However, only 16% of UK consumers say that they will slow down their spending in the event that England are knocked out of the tournament.