EURO 2024 Boosts Furniture Market as Homeowners Prepare for Hosting Duties
As EURO 2024 develops, homeowners across the UK are continuing their preparations for a summer of football festivities.
It wasn’t the best start to summer in the northern hemisphere. We have had to contend with plenty of rain. As we reached the longest day on the 21 June, maybe the first day of summer is coming at last!
Consumers have an eye on making improvements to their homes and gardens. This was all ahead of hosting friends and family for the much-anticipated matches.
Viewers will be hoping the summer solstice means a warmer end to the year than the wet start.
Maybe this is where summer starts and the sun reaches our back gardens?
All that being said, with football as the distraction, no one is too bothered about things like the meteorological summer and meteorological seasons. It could be an astronomical summer for footballing reasons!
The ripple effects of the tournament are set to have a significant impact on the furniture market. Consumers will be looking to create inviting and functional spaces to gather and celebrate the games. The market is also buoyed by the reduced interest rate. This could mean a potential rise in first time buyers and those looking to buy a home.
According to the Men’s UEFA Euro 2024 Spending Report by VoucherCodes.co.uk, retailers and hospitality venues are expecting to reap the benefits of the tournament. They are looking to benefit from an estimated £2.75 billion in total sales expected during the campaign.
As 35.4 million supporters prepare to tune into the tournament from various venues, including homes, bars, pubs and restaurants, the furniture market is set to experience a surge in demand. Homeowners are investing in creating the perfect setting for EURO 2024 gatherings.
This is the busiest time of year for the hospitality industry and they are looking to cash in.
Retailers are projected to see a £2.1 billion boost in sales. This comes as consumers stock up on furniture and homeware items to enhance their viewing experience. It’s about accommodating guests in their living rooms during the matches.
23.6 million shoppers are expected to visit retail stores over the course of the tournament. These will be some of the busiest days of the year. This represents a 31% increase from the 2022 World Cup, highlighting the significant impact of EURO 2024 on consumer spending patterns. We’ve had more than one orbit around the sun since then, and things are starting to look up for retailers.
Homeowners are not the only ones preparing for the influx of football enthusiasts.
Hospitality venues are also gearing up for increased foot traffic. An estimated £613.7 million in sales is projected from 14.4 million visitors expected to visit pubs, bars and restaurants during the tournament.
The draw of watching the games in a communal setting is driving consumers to seek out venues that offer a unique and engaging experience.
In addition to food and beverages, which are expected to account for a substantial portion of total sales, homeowners are also investing in garden cooking products to elevate their outdoor entertaining spaces.
A staggering £70.8 million is projected to be spent on garden cooking essentials such as pizza ovens, BBQs and BBQ accessories and utensils, as homeowners embrace the opportunity to host al fresco EURO 2024 gatherings in style.
The enthusiasm surrounding EURO 2024 is palpable, with 30.7 million consumers planning to watch at least one match from the comfort of their own homes.
The allure of creating a welcoming and festive atmosphere for friends and family is driving homeowners to invest in furniture pieces that cater to both style and functionality, ensuring that their spaces are equipped to host viewing parties throughout the tournament.
The tournament kicked off on Friday, June 14th, with the furniture market preparing itself to witness a surge in demand. This demand is largely driven by homeowners looking to enhance their living spaces and gardens ahead of hosting duties for EURO 2024 matches.
With retailers and hospitality venues projected to capitalise on the excitement surrounding the tournament, the furniture industry stands to benefit from the renewed focus on creating inviting and engaging spaces for football fans.
As ever, AP+ is ready to support businesses with the anticipated rise in demand from consumers.
