UK retailers are expected to make £244m throughout the Eurovision Song Contest (9-13 May), a new report reveals.
The Eurovision Spending Report, by trusted savings site VoucherCodes.co.uk, estimates 15 million consumers are set to watch the contest across the competition.
As 13.5 million consumers get ready to tune in from home, a 35% increase in participation in recent years, UK retailers are set to generate £244m 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 £187m 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 shoppers spending £13m on decorations, £4m on souvenirs, and £5m on fancy-dress.
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.”
