World Cup Could Bring Billions to the UK Economy

BusinessWorld Cup Could Bring Billions to the UK Economy

World Cup Could Bring Billions to the UK Economy

If England makes it into the World Cup final, research indicates it could mean billions for the U.K.
The CRR estimates that the economy has already enjoyed additional 2018 spending.

£1 Billion and Up

The Centre for Retail Research (CRR) estimates that the U.K. economy has already enjoyed over £1 billion in additional spending this year.  That said, if England makes it into the World Cup finals, that figure could increase to £2.7 billion, said the researchers. As the United Kingdom prepares for Brexit in well under a year, this economic boost would certainly be welcome.
A great deal of the spending would occur as a result of fans buying food and drink to watch the matches at home on their own or while they host friends and family.

Not Unprecedented

In 2014, even when England was blown out of the World Cup tournament before it came to the finals, the British economy saw a substantial boost. That said, CRR director, Professor Joshua Bamfield, said that the economy has already seen about £800 million more in spending than what it saw back in 2014.
The CRR report stated that “Every goal scored by an England footballer – right the way to the final – would be worth £165.3m to England’s retailers and an extra £33.2m to pubs, hotels and restaurants.”  That said, in 2014, the English goals were few and far between.
“At the last World Cup we didn’t get past the group stage and from a retail point of view sales fell off a cliff,” said Bamfield.  “This time no one expected much – they were so used to being kicked in the teeth – but once they started playing it all changed.”  That said, he also added that: “The spending patterns also fit in with the current retail theme of ‘experience’. People want to spend their money going to the pub or having a barbecue with their friend and watching the match.”

The World Cup and Great Weather

Despite the fact that many pub and local business owners struggled at the same time last year, the this year has offered some relief.  The hot weather England is experiencing this summer, along with the World Cup – and hopes of a strong performance by the team – has kept the money flowing.