The allure of major sports events like the EURO and COPA tournaments has a significant impact on consumer behaviour, particularly in the television market. These events serve as a catalyst for the renewal of TV sets, prompting consumers to upgrade their devices even if they are not yet due for replacement. GfK’s tracking data indicates that consumers lean towards purchasing new televisions when their current ones are between 2 to 5 years old, especially during these football tournaments.
Looking at sales by country, the participation of the local team plays a crucial role in maintaining the market’s momentum. As an example, revenues in Germany didn’t see gains after the team was eliminated in the quarter finals. Compare that to Great Britain, where revenues increased by 13 percent in sales revenue (Euro) from calendar week 26 (quarterfinals) to calendar week 28 (finals).
Overall revenues across the participating nations were highest during the two weeks before the tournament began, with a peak in calendar week 24 (the first week of the group stage during the EURO24 tournament). This one week stood out as accounting for 272 million Euros of sales revenue, which is equivalent to an increase of 30 percent versus calendar week 19.
Another key development is that this event encouraged TV buyers towards the larger screens, where display sizes above 65” accounted for 40 percent of the revenue at its highest point in calendar week 23.
Conclusion
In summary, the EURO 2024 had a positive effect on television sales within their respective participating countries. The events underscored consumers’ desire for an enhanced viewing experience, which translated into a willingness to invest in newer, more advanced, and larger TV sets. This phenomenon reflects the powerful role sports events play in driving tech adoption and consumer spending, particularly in the home entertainment sector.