UK Economy Set for Multi-Million Pound Boost During European Championships and Paris Olympics

UK Economy Set for Multi-Million Pound Boost During European Championships and Paris Olympics

(IN BRIEF) The UK economy is expected to receive a significant boost as fans spend an additional £233 million during the European Championships and Paris Olympics this summer. Experian Economics highlights increased spending in pubs, bars, supermarkets, and on electronics as major drivers. Experian advises fans to manage their budgets wisely, use official websites for tickets, and avoid counterfeit merchandise. The organization provides five tips to help fans financially prepare for the summer’s sports events, emphasizing responsible spending to enjoy the events without incurring debt.

(PRESS RELEASE) LONDON, 19-Jun-2024 — /EuropaWire/ — The UK economy is poised for a significant boost as fans prepare to spend big during the Summer of Sport. According to Experian Economics, the European Championships in Germany and the upcoming Paris Olympics are expected to drive an additional £233 million in spending over the next three months.

The analysis, focusing on the Retail and Food and Drink sectors, highlights increased spending in pubs, bars, and supermarkets as key drivers. Fans are anticipated to gather in social settings and invest in food and drink for home viewing. Additionally, some may splurge on new televisions and electronics to keep up with the events. Both England and Scotland’s participation in the European Championships and the start of the Olympics on July 26 contribute to the spending surge.

Mohammed Chaudhri, Chief Economist at Experian UK&I, remarked, “Our data shows fans are eager to spend to enjoy the summer’s sporting events. Games involving England significantly drive this expenditure, benefiting both fans and the economy.”

Experian also advises fans to manage their budgets wisely and avoid scams, especially if traveling to events. John Webb, Consumer Affairs Manager at Experian UK&I, emphasized the importance of responsible spending: “Budgeting properly ensures you can enjoy the sports events without incurring debt. Use official websites to secure tickets and avoid fraudulent offers.”

Five Tips to Financially Prepare for the Summer of Sport:

1. Budget for Events: Review your income and expenses to allocate spending for sports events.
2. Avoid Pressure to Overspend: Stick to your budget and consider home gatherings as a cost-effective alternative.
3. Use Verified Websites for Tickets: Ensure ticket purchases are made through official and secure websites.
4. Protect Yourself with a Credit Card: Use a credit card for bookings to benefit from consumer protections.

Beware of Fake Merchandise: Purchase official merchandise to avoid fines and support your team authentically.

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.

About Experian

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Media Contact:

Robert Goodman
PR Manager, Corporate & Business, UK&I
Experian
Tel: +44 7989 398 498
Email: Robert.Goodman@Experian.com

SOURCE: Experian