With the Eurovision Song Contest being held in the UK for the first time in 25 years, UK retailers and hospitality venues are expected to make £470 million throughout the event (9th – 13th May 2023), a new report has revealed.
The Eurovision Spending Report VoucherCodes.co.uk, estimates 15 million consumers are set to watch the contest, either from the comfort of their own home or at in-person events, across the competition.
As 13.5 million consumers get ready to tune in from home, a 35% increase in participation in recent years, UK retailers are set to generate £244 million in sales as 9.9 million consumers stock up on food, drink and decorations ahead of the final on Saturday 13th May.
The majority of sales made by retailers will come from food and drink spend – accounting for £187 million of the total profit. Breaking this down further, the equivalent of 1.4 million bottles of wine, 900,000 pints of beer, and 400,000 bottles of Prosecco are set to be sold to consumers throughout the contest. Retailers will also benefit from UK shoppers spending £13 million on decorations, £4 million on souvenirs, and £5 million on fancy-dress wear.
Hospitality venues will also receive a significant boost as a result of the competition being held on home soil, as £143 million is expected to be made over the course of the competition thanks to the 8.7 million consumers heading to their nearest bar, pub or restaurant. Food sales make up the majority of hospitality profit at £83 million, with a further £60 million expected to be generated through drink sales as UK consumers order 2 million pints of beer, 400,000 bottles of wine and 300,000 bottles of Prosecco.
Additionally, restaurants offering delivery or takeaway food are set to bring in £71 million across the competition as 4.8 million consumers enjoy food within their own home.
Total predicted hospitality spend and visitors for the Eurovision Song Contest 2023
Maureen McDonagh, Managing Director at VoucherCodes.co.uk commented: “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 pubs, bars and restaurants and a boost in sales during the contest, in what is set to be a bumper month for the hospitality industry.
“With nearly 9 million consumers heading to their nearest hospitality venue to soak up the atmosphere of the contest, owners should make preparations to attract customers and take advantage of this greatly anticipated event. Screening the final, decorating your venue, offering themed food and drinks, and marketing your offering in the run up to the contest will help attract those looking for a fun venue for the event.
It’s also important to remember that saving money is still front of mind for consumers, so ensuring great value for money is important. By offering special discounts on food and drink, such as early-bird bookings or packages for large groups, hospitality venues can capitalise on the excitement of the contest being held in Liverpool.”