While England football fan are well accustomed to having their hopes raised only to be disappointed, for many small business and company formation owners, England’s crushing defeat at the hands of Germany this weekend will have been made even worse, by the fact that it will undoubtedly have a negative effect on consumer spending.
While Tescos and other high street supermarket chains announced record sales last weekend, small business also experienced an uplifted in consumer spending as a consequence of the World Cup.
Jeff Hayes, founder and CEO of online homeware store Direct Homes, comments; “Since the first games of the World Cup we noticed uplift in consumer spending, especially in outdoor items such as barbeques and garden furniture. While many people may say that that is the result of seasonality, I think it is more to do with the atmosphere generated by the World Cup.”
“People have had a tough year economically and everyone is feeling the pinch. The World Cup gave them something to focus on and – initially – the hope of something to celebrate. My company will definitely feel the impact of England going out at such an early stage.”