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Money blog: UK passport is one of the worst value in Europe after price increase | UK News
The start of Euro 2024 this week is predicted to lead to an increase in the number of shoppers spending money on new technology and food supplies.
According to research from the British Retail Consortium, 6% of shoppers say they expect to buy a new TV or device to watch games and 4% plan to buy official merchandise.
Meanwhile, around 13% of people said they will spend more on groceries, alcohol and takeaway food during the month-long football festival.
Research reveals that young people are most likely to be fueling the rise in spending, with almost a quarter of people aged 18 to 24 saying they will spend more in their food stores, compared to just 4% of people aged 55 years or older.
Kris Hamer, director of insights at BRC, said the survey of 2,000 adults shows retailers “could score a hat trick”.
“After sluggish spring sales, consumers are expected to start their summer spending in euros,” he said.
“We hope England and Scotland can reach the final.”
Different figures from Adobe show that there was a 14% increase in spending on TVs, while online sales of England shirts and other national team merchandise increased by 115% in May.
Argos predicts it will sell 180,000 televisions during the tournament – the equivalent of four per minute.
The retailer said demand appears to be driven by people wanting to watch sports on larger TVs.
And as football fans in the UK prepare to watch this weekend’s games from their sofas, anyone lucky enough to have tickets to the tournament in Germany will benefit from the pound hitting its highest level in almost two years against the euro.
The currency fell when Emmanuel Macron, the French president, called early elections after his party suffered calamitous results in the EU elections.
The euro fell to 84.53p yesterday morning – its lowest level since August 2022 – so it’s a good time to snap up some holiday cash if you’re heading there!