UK set for a £185 million economic boost as the Lionesses contest the World Cup final

by administrator

As things stood at the time of this article being written, the destination of the Women’s World Cup trophy was yet to be decided; nonetheless, the England team has already captured the imaginations of the nation with its run to the final. That concluding match of the tournament will take place on Sunday, 20th August, with Spain the only opponent left standing for the Lionesses.

Of course, given their status as European champions and their stellar performances under present head coach Sarina Wiegman, few people should be overly surprised that England has put on such a formidable show throughout the competition.

But it isn’t just plenty of the UK’s patriotic football fans who have had ample reason for cheer during the World Cup; much the same can be said for many of those drawing upon accountancy in Newton Abbot and nearby areas.

Pubs and bars have been handed a particular lifeline by England’s success

Those who have followed the articles on TS Partners’ news pages over the last few months will know we have reported extensively on the UK’s currently fragile economic situation, with it still looking more than possible that the country could slide into recession during 2023.

So, hospitality businesses – still severely tested by such challenges as high costs and staffing shortages – have received a particularly much-appreciated boost as a consequence of the Lionesses faring so well in this World Cup.

Indeed, it was recently reported by The Independent that the England team taking to the pitch for the weekend’s final was expected to give the UK economy a £185 billion boost. The article stated that a fifth of viewers were likely to head to a pub, bar, or restaurant near them in order to watch the Lionesses take on Spain, fuelling a spike in consumer expenditure in the process.

The numbers make great reading for many firms up and down the UK

The online newspaper cited the discounts site as having carried out an analysis discovering that 13.7 million people from around the country were set to watch the match.

Drawing upon forecasts from GlobalData, reports indicate that viewers could spend about £138 million in supermarkets to ensure they have adequate supplies of food, drink, merchandise, and decorations in readiness for the 11am kick-off.

Apparently, total expenditure in the country’s hospitality venues could get as high as £47 million, which would be – unsurprisingly – the highest such figure recorded during the tournament. Teas and coffees are expected to account for the bulk of drinks spending, along with alcoholic beverages.

This would equate to consumers spending around a third more than was the case during last summer’s Women’s Euro final, in which the Lionesses so memorably triumphed due to goals by Ella Toone and Chloe Kelly.

Looking at the World Cup as a whole, VoucherCodes’ research suggested that total spend could reach up to £747 million, in what will unquestionably represent a lifeline for great numbers of hospitality and retail businesses around the UK.

In the words of Kate Nicholls, chief executive at the trade association UKHospitality: “We’ve seen venues already make a huge effort for the Women’s World Cup, and we expect that to go even further this Sunday, which will inevitably lead to a boost for hospitality businesses.”

Our experts in accountancy in Newton Abbot can only back up those words, and we very much encourage everyone reading this to tune in to cheer the Lionesses to glory. And if you are on the lookout for services like ours encompassing such key areas of expertise as accounting, tax, and payroll, you are welcome to reach out to us at your nearest TS Partners office.