Major Sporting Event Brings Economic Benefits Amid Cost-of-Living Crisis
- UK retail and hospitality sector to receive a £1.2bn boost during Women’s UEFA 2022 European Championships
- 9.4m shoppers expected in retail stores, with £898.2m total retail spend
- Food and drink purchases account for most of the retail spend (£761.2m)
- Sportswear retailers to see £70.3m boost
- Additional £32.1m on souvenirs, £34.6m on TV electrical goods
- Tournament brings 7.3m consumers to local venues, £259.8m for hotels and restaurants
- Hospitality venues to make £198.7m from drink sales alone
The Women’s UEFA 2022 European Championships (EURO 2022) is predicted to bring a £1.2bn boost to the UK retail and hospitality sectors, with 9.4 million shoppers expected in stores and £898.2m total retail spend. Food and drink purchases will account for most of this amount (£761.2m), as fans watch from home due to cost-of-living concerns. Sportswear retailers anticipate a £70.3m increase, while £32.1m is set for souvenirs and £34.6m for TV electrical goods. The tournament will also bring 7.3 million consumers to local venues, with £259.8m for hotels and restaurants. Hospitality venues are expected to make £198.7m from drink sales alone. Maureen McDonagh, VoucherCodes.co.uk’s managing director, said: ‘Major sporting events benefit retailers and hospitality venues as fans gather at pubs and restaurants to cheer for their teams. The Women’s Euros is gaining momentum in the UK, reflected in our report.’
Factuality Level: 8
Factuality Justification: The article provides relevant information about the predicted boost in retail and hospitality sectors during the Women’s UEFA 2022 European Championships (EURO 2022) based on Voucher Codes data. It includes specific figures for different categories of spending such as food, drink, sportswear, souvenirs, and TV electrical goods. The article also quotes a relevant source, Maureen McDonagh, the managing director at VoucherCodes.co.uk, who provides insightful comments on the impact of the event.
Noise Level: 3
Noise Justification: The article provides relevant information about the expected economic impact of the Women’s UEFA 2022 European Championships on the UK retail and hospitality sectors. It includes specific figures for various categories such as food and drink purchases, sportswear, souvenirs, and TV electrical goods. However, it lacks a deeper analysis or exploration of the broader implications of the event beyond its impact on these industries.
Financial Relevance: Yes
Financial Markets Impacted: Retail, hospitality, and sportswear sectors
Financial Rating Justification: The article discusses the expected boost in spending during the Women’s UEFA 2022 European Championships for retail stores, food and drink purchases, and hospitality venues, as well as the impact on related industries such as sportswear retailers. This has financial relevance as it involves money being spent and impacts various sectors.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: No extreme event mentioned in the article
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