World Cup retail revenue expected to drop 19%

Retail revenue during the 2022 FIFA World Cup is expected to drop by £370 million compared to the 2018 competition, a new report reveals. The 2022 World Cup Spending Report by VoucherCodes.co.uk expects retailers to make £1.6 billion in sales throughout the tournament. 

With the competition being held during winter for the first time ever, data shows the colder weather combined with the current cost-of-living crisis will negatively impact retail sales, which are set to be down 19 per cent compared to the last World Cup (£1.9 billion). This is despite more consumers than ever (26.5 million) predicted to watch from home, friends’ houses, and even offices rather than heading to hospitality venues. 

Food and drink are expected to account for £1 billion of total retail sales, however, despite the tournament’s overlap with the Black Friday Period, all retail categories will see a decline in spending compared to the 2018 World Cup. 

Thanks to rising inflation and record-high cost of living, consumers are minimising spending where they can, and souvenirs and sportswear are expected to be hit the hardest. Retail sales for souvenirs are forecast to be down 49 per cent in 2018 at £61.3 million, while sportswear (£197.1 million) and TV electrical goods (£318.8 million) are expected to drop 48 per cent and 16 per cent respectively. 

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 quarterfinals before being ousted from the competition. 

Maureen McDonagh, Managing Director at VoucherCodes.co.uk said, “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. 

“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 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. With saving money front of mind 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.”

More News
1 day ago
NHS organisation named best not-for-profit in UK
NHS Business Services Authority has been named the Best Not-for-Profit organisation to work for in the UK at the Best Companies Q1 awards for the second year running.
1 day ago
KI’s 800 Series storage features in new Sunderland City Hall
As part of an ongoing £500m regeneration project for Sunderland City Centre, a new City Hall has been developed and KI’s 800 Series powder-coated steel shelving and storage systems were utilised throughout to create partitions and an array of different work settings.
1 day ago
Why green offices are attracting the best talent
The UK workforce is demanding more sustainability from their workplaces. In today’s highly competitive market, office design expert and managing director of EDB, Paul Eatock, believes managers must sit up and take note of these expectations to make their company more appealing to new, existing, and potential employees.
2 days ago
Online stores must build customer trust to reduce cart abandonment
Cart abandonment last year sat at 80 per cent (in Q2 2022) suggesting there is a large proportion of consumers simply not completing their desired purchase.
2 days ago
Financial services industry set for AI overhaul
AI will be crucial for better understanding user intent, providing tailored content recommendations, and streamlining how firms manage information. This is according to Ville Somppi, Vice President of Industry Solutions at M-Files.
2 days ago
DURABLE becomes certified carbon-neutral company
DURABLE is now certified carbon neutral. To achieve this, the manufacturer of products and solutions for modern workplaces teamed up with ClimatePartner to determine the company’s corporate carbon footprint (CCF).
2 days ago
New bespoke service launched by Bisley
Office furniture designer and manufacturer, Bisley, has launched a new bespoke package to service the evolving needs of workspaces across the world. The company is celebrating the launch with a new contract win at the Googleplex headquarters in California.
2 days ago
1 in 4 Brits find work the best place to speak about mental health
As part of this year’s Time To Talk Day, research conducted by Mind, Co-op, Rethink Mental Illness in England, See Me with SAMH (Scottish Association for Mental Health) in Scotland, Inspire and Change Your Mind in Northern Ireland and Time to Change Wales, which polled over 5,000 people reveals that one in four (27%) full-time employees find work the best space to help them to speak about their mental health, higher than local cafes (21%), the pub (17%), gym (17%) or library (9%).
2 days ago
HSBC Group employee joins Unicon to expand new business unit
Unicon, experts in end-user computing and a hybrid client software provider has announced that Lee Morrisey, from HSBC, will be joining as Technology Partner Manager. In this newly created position, he will be responsible for communications, technical integration, and strategy of the rapidly growing business unit.
2 days ago
Sharp/NEC bring ‘lasting vision’ at ISE 2023
Sharp NEC Display Solutions Europe is presenting a selection of the latest display technologies at ISE 2023 in Barcelona this week.

Login / Sign up