Euro Championships To Fuel England's Retailers

The Centre for Economic and Business Research (CEBR) has predicted a GBP1bn spending boost for England's retailers in lieu of the Euro 2004 soccer championships. CEBR has forecasted additional spending on the England team reaching the quarter finals of the tournament, but says there will be a significant uplift whatever the team's fortunes.

Electricals retailers will benefit from increased sales of big screen and plasma TVs, while both pubs an supermarkets will see sales rise as customera either stock up on beer to watch the games at home, or arrange to watch with friends at the pub. Retailers such as Marks & Spencer, which are selling a range of Euro 2004 themed clothing and memorabilia, will also do well from the tournament.

The CEBR forecasts spending on TVs, clothing and memorabilia to total GBP450m, while alcohol sales across the off-trade and on-trade will benefit to the tune and extra GBP116m during each England's match. The CEBR also warned that the distortion to retail sales data would make it hard for the Bank of England to judge the whether its recent rate rises have had the desire effect in cooling consumer spending. It also said the estimated 60,000 fans heading for Portugal will take with them GBP12m that would otherwise have been spent in the UK.