The Eurovision Spending Report, published by VoucherCodes.co.uk, has estimated that around 15 million consumers will watch the competition this year, either from the comfort of their own home or at in-person events. As 13.5 million consumers prepare to tune in from home, representing a 35% increase in participation in recent years, 9.9 million consumers are expected to stock up on food, drink, and decorations before the final on Saturday, May 13th. With the majority of sales being food and drink expenditure, this accounts for £187m out of the total profit.
Breaking down the figures further, the report suggests that retailers will sell an average of 1.4 million bottles of wine, 900,000 pints of beer, and 400,000 bottles of Prosecco throughout the contest. The spending trend is also predicted to extend to UK shoppers purchasing £13m worth of decorations, £4m on souvenirs and £5m on fancy dress wear. In total, retailers will make a profit of £244m from the event.
Maureen McDonagh, Senior Vice President International & Managing Director of VoucherCodes.co.uk, said, “It’s clear the Eurovision Song Contest returning to the UK for the first time in 25 years means excitement levels are high amongst British consumers. As our data shows, this buzz will result in a busy period for many retailers and a boost in sales during the contest, in what is set to be a bumper May for the industry.”
However, while the contest is expected to be well-received by consumers and retailers alike, it is essential for the latter to remember that saving money is still of paramount importance to many people. Therefore, offering attractive customer incentives, loyalty rewards, and competitive discounts is more critical than ever. Such tactics will undoubtedly encourage customers to shop with their brand during the competition, and even after the show is over.
To conclude, with around 15 million viewers anticipated this year, this year’s Eurovision Song Contest, returning to the UK for the first time in 25 years, is undoubtedly a significant opportunity for retailers. By providing extra incentives, offering lucrative discounts, and ensuring real value for money, they can not only experience a boost in sales during the competition but also increase the likelihood of customers returning in the future.