London, June 19, 2024: The UK economy is set to be handed a multi-million-pound boost thanks to fans’ spending during the Summer of Sport.
Analysis by Experian Economics estimates that the football European Championships in Germany and the forthcoming Paris Olympics, will see Brits spend an additional £233 million over the next three months.
The analysis focused on the Retail and Food and Drink sectors. Increased spending in pubs and bars as fans gather with friends to watch the game, and in supermarkets as supporters spend on food and drink to watch at home are significant drivers behind the boost.
Additionally, some fans are expected to splash out on new televisions and electronic devices to keep up with the action across the summer too. Both England and Scotland are playing at the championships, with the final taking place on July 14 in Berlin, while the Olympics begins on July 26.
Mohammed Chaudhri, Chief Economist, Experian UK&I, said: “We’re a sport-obsessed nation and our data analysis shows fans are more than happy to spend, either at home or in the pubs and bars, to make the most of the summer’s sporting events.
“Unsurprisingly, games involving England are the largest drivers in terms of spend – the longer Gareth Southgate’s team stay in the tournament, the better it is for everyone, including football fans and the economy.”
Despite the feel-good factor, Experian are warning fans not to let their budget run away from them this summer and, if they are planning on travelling to the sporting events, take precautions to make sure they are not scammed out of their cash.
John Webb, Consumer Affairs Manager, Experian UK&I, said: “As tempting as it is to splash the cash to try and watch your team win the Euros, or see some of the world’s best athletes performing, it’s important not to get too carried away.
“Budgeting properly and not feeling pressured into spending big, means you can enjoy your favourite sports events without getting into debt. Remember if you are trying to secure tickets only use official and verified websites too – lots of offers on the web are too good to be true and could easily be a scam.”
Five tips to get financially prepared for the Summer of Sport:
1. Budget for upcoming events –
Most of us have limited disposable incomes so, if you’re a big sports fan, you’ll need to budget this summer. Spend a bit of time going through your income and expenses (rent, bills, mobile phone etc) and then figure out how much you can spend on your favourite sports events.
Once you know how much you’ve got to spend, you can decide which events you want to head to the pub for, watch at home or watch in person if you’re lucky. Just make sure you factor in all your costs for things like travel, accommodation, food and drinks.
Now you can sit back and relax knowing you’ve planned your spending, and you’re keeping up with all your other expenses.
2. Don’t be pressured to spend big –
There can be lots of pressure from friends, family or social media to be out watching the Euros or sporting events – but this costs money!
If you’ve made a budget ahead of time, you’ll know if you can attend an event or not, and how much you can spend. If you can’t afford it, don’t go.
If you’re struggling to afford constant trips to the pub, consider inviting people to your place to watch. It’s cheaper, and you can ask them all to bring some drinks or snacks. There can also be pressure buy ‘rounds’ of drinks too – which is difficult if you can’t afford it. Tell your friends or family upfront you’ll just be getting your own drinks because you’re on a budget. You might find they’re feeling the same, and glad you mentioned it!
3. Use verified websites to book tickets – If you’re buying a last-minute ticket for the Euros or Olympics, make sure you use verified websites. These include the venue’s website, the promoter or a verified ticket exchange website.
Lots of websites will claim to be selling tickets, even after a show has been sold out. Avoid these as they’re more likely to take your money without providing you with a ticket. If a ticket seems too easy to get, or too good to be true, then be cautious.
When making payments online, always check the website address starts with 'https'. This means it’s secure.
4. Protect yourself with a credit card – If you’re travelling to Germany or Paris, it’s worth considering using a credit card to book your trip, as the card issuer could offer trip cancellation, delay, and interruption cover. As a rule of thumb, think about using credit cards when purchasing items above £100, as the card issuer will be jointly liable if the goods and services you’ve paid for don’t end up being provided.
If you’re using a credit card to book, or for spending abroad, make sure you can afford to pay it back. Otherwise you could find your credit score might be impacted.
5. Watch out for fake merchandise – If you’re buying new kit to watch a game in Germany or an Olympics event in Paris, ensure you’re purchasing it from the verified team’s website, or their official kit supplier. In Germany, fans could face fines of up to £4,000 for wearing counterfeit shirts due to the country’s strict anti-counterfeit laws. If you’ve made it all the way to a different country to attend an event, it’s best not to take the risk and include real merchandise in your budget. If in doubt buy a cheap t-shirt, in your countries colours, and you’ll look the part.
Ends
Notes
Experian Economics used analysis of data on the UK economy from the Office for National Statistics to analyse the economic output of the retail and food and beverage services sectors from previous football World Cups, European Football Championships and Olympic Games. Events hosted in the UK were excluded from the analysis.
Media contact:
Robert Goodman, PR Manager, Corporate & Business, UK&I, Experian
Tel: +44 7989 398 498 / Email: Robert.Goodman@Experian.com
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