Spending surges as football fans head to the pub
Analysis of debit card spending by the bank’s customers found that consumers loosened the purse strings during Euro 2020 as spending in pubs and restaurants, supermarkets and home stores all surged throughout the tournament.
Although restrictions were still in place across much of the UK during the tournament, it didn’t hold back the tide of thirsty football fans. Pubs and restaurants saw a 52% increase in spending compared with the same 31 days in 2019, and up 9% on the previous month.
Increased spending on local travel also suggested people were more mobile during the tournament than the month prior, with commuter spend up 8% over the period, although it remained down 17% versus 2019. Fuel spend also increased during the tournament, up 5% month on month, and up 6% versus 2019.
For those not rushing to their local to watch the match, home viewing prompted a boost in supermarket spending, up 26% compared to 2019. Home store spending was also significantly higher than 2019, up 36%, as more people began welcoming friends and families back to their homes and gardens.
Lloyds also found that the relaxation of the travel rules for fully vaccinated people from 19 July, prompted a spark in holiday bookings. Travel agencies saw spending jump 14% compared to before the tournament, whilst spending on airlines surged 33%.
Gabby Collins, payments director at Lloyds Bank, said: “The feel good factor from Euro 2020 clearly provided the perfect platform for consumers to spend some of their lockdown savings. Whether people were buying food and drink for a night in with the football, or at their local pub soaking up the atmosphere, spending soared above levels seen in 2019.
“Many will hope that the consumer confidence seen in spending power throughout the tournament carries through the rest of the summer months.”