9 June 2014
Press ReleasesThames Valley retailers, pubs and restaurants can expect a £45m boost to trade as England begins its World Cup campaign, says Thames Valley accountants and business advisers James Cowper Kreston.
And whilst pundits and fans might have more realistic expectations surrounding the 2014 campaign, progression to the World Cup final on 13 July could see trade lifted by £70m or more.
Mike Farwell, partner and ardent England fan at James Cowper Kreston said: “Unlike the previous World Cup tournament in South Africa, where many of the matches were played during the working day, most of Brazil 2014 matches kick-off in the evening.
“Whilst I am sure some employers will allow staff to finish a little early for England’s 5pm match, there will be little in lost productivity. In fact, the opposite is very much the case, with fans likely to spend more on food and drink as they celebrate or commiserate.”
Previous World Cup tournaments have generated significant increases in expenditure. The 2006 tournament generated an additional £1.25 billion to the UK economy and the 2010 campaign generating around £1.5 billion.
Estimates from the British Retail Consortium and the Centre for Economics & Business Research suggest that the World Cup will add between £2 billion and £3 billion to the economy over the summer months.
Mike adds: “Top of the list will be food and drink, and if the sun shines, BBQs. TV sales rocket in World Cup years, as does advertising spend. Then there is, of course, all of the World Cup merchandise.
“Our figures are based on the above estimates by the British Retail Consortium and local population numbers, which conservatively equates to an increased spend of £20 for every person living in the Thames Valley. I suspect the real figures will be probably much higher – especially if England makes the final.”
