Eurovision to boost UK retailers as shoppers splurge on fancy dress

The Eurovision Song Contest's return to the UK after 25 years is expected to bring significant financial gains for retailers and hospitality venues.

According to the Eurovision Spending Report commissioned by savings site VoucherCodes.co.uk, it is projected that a staggering 470 million pounds will be generated from the event, which will take place from the 9th to the 13th of May 2023. With an estimated viewership of 15 million people, fashion retailers are also predicted to benefit, with an anticipated expenditure of 5 million pounds on fancy dress clothing.

While the main focus of the Eurovision competition remains on music and performance, the event also serves as a significant platform for fashion and style. Contestants often attain national icon status and garner substantial media attention, particularly the winners. Retailers can leverage this by forming collaborations with contestants or securing endorsements from them. An example of this is Gucci's association with Italy's victorious band, Måneskin, where band members became brand ambassadors and were featured in its advertising campaigns.

Fashion retailers can also capitalize on the multitude of pre- and post-Eurovision events organized throughout the host country and city. These events, such as fan zones, parties, and concerts, draw thousands of Eurovision enthusiasts and present additional opportunities for brands to engage with potential customers.

Fashion extravagance

The Eurovision Song Contest is renowned for its extravagant performances, unique costumes, and diverse cultural representations with fans often immersing themselves in the event's spirit by donning costumes inspired by their favourite acts.

While food and drink sales will constitute the majority of retailers' revenue, amounting to 187 million pounds, the event will also spur substantial spending in other areas. According to VoucherCodes' data, consumers are expected to purchase the equivalent of 1.4 million bottles of wine, 900,000 pints of beer, and 400,000 bottles of Prosecco, contributing to the overall financial impact. Moreover, UK shoppers are projected to spend 13 million pounds on decorations, 4 million pounds on souvenirs, and 5 million pounds on fancy dress wear during the contest.