Food and drink is expected to account for over £1 billion of retail sales as people watch the 2022 FIFA World Cup in Qatar from home, as the competition is held over the UK winter season for the first time.
According to a new report from consumer savings site VoucherCodes.co.uk, retailers are set to make £1.6 billion during the 2022 World Cup – down by £370 million compared to the 2018 tournament.
Despite the tournament’s overlap with the Black Friday period, the 2022 World Cup Spending report reveals that all retail categories are set to see a decline in spend compared to the 2018 World Cup.
With the competition being held during winter for the first time ever, data shows the colder weather – combined with the ongoing cost-of-living crisis – will negatively impact retail sales, which are set to be down by 19% compared to the last World Cup (£1.9 billion).
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Retail sales are expected to peak during the group stage (20th November – 2nd December) at £1.01 billion.
Smaller sums are forecast during the round of 16 (£273.3 million), quarter-finals (£182.5 million), semi-finals (£85.3 million) and the final match (£48 million).
This is due to the expectation that England will only make it to the quarter-finals before being ousted by competition.
“It’s clear that the ongoing cost-of-living crisis is going to negatively impact retailer profits during the 2022 World Cup, especially when comparing our forecasts to the impressive sales driven as a result of the last World Cup in 2018,” said VoucherCodes.co.uk managing director Maureen McDonagh.
“However, despite a more muted sales performance anticipated, retailers can still expect a busy period during the World Cup, particularly as more consumers than ever are planning to tune in to the games from home in order to save money.
“With huge numbers of fans set to host friends and family to make an event of the games, there are plenty of opportunities for retailers to take advantage of this greatly anticipated tournament.”
McDonagh adds that while saving money is a priority for many consumers, offering “competitive discounts and special offers that provide real value to customers has never been more important.”
“Aside from deals, you can also ensure you have incentives such as rewards or loyalty points running throughout the tournament to encourage customers to return and shop with you ahead of future games,” she said.
The news comes as Budweiser Brewing Group has predicted that 62 million pints of beer could be sold during the 2022 FIFA World Cup this winter.
