The summer of 2024 promises to be an exciting time for sports enthusiasts, with Euro 2024 and the Olympics. These events, alongside Wimbledon and other international competitions, highlights a busy summer of sport. As we gear up for these major events, businesses have a golden opportunity to leverage the international buzz and enhance their growth.
But how can your business tap into this market effectively? This blog explores strategies to integrate into international supply chains, boosting your business’s reach and success.
Strengthening Trade Links
Sporting events have a unique way of uniting people from around the world. With fans travelling across Europe for Euro 2024 and other global events, there’s a significant opportunity for businesses to capitalise on this international movement.
If your business caters to sectors such as sports manufacturing, medical supplies, or food and beverage, now is the perfect time to boost your supply chain links. Establishing robust international trade connections can position your business to meet the rising demand associated with these events.
The Impact of UK Consumer Spending on Sports
Historically, major sporting events have substantially increased consumer spending in the UK. As an example, in the third quarter of 2023, UK households purchased approximately £2.2 billion pounds’ worth of sports and other outdoor recreation equipment[1]. And during the 2018 World Cup, UK consumers spent £1.9 billion.
While we can’t predict exact figures for Euro 2024, it’s reasonable to expect a significant boost in spending, particularly if England advances to the later stages. Businesses should prepare to meet this surge in demand which could potentially increase their revenue by millions.
International Trading – A Strategic Advantage: Sourcing Products Beyond the EU
Southeast Asia presents numerous trading benefits for UK businesses, including a skilled workforce, lower labour costs, and established trading routes. The region also offers a wide range of suppliers who are eager to engage with UK markets.
To ensure quality and standards, it’s crucial to implement a thorough and reliable audit process. Engaging local auditors who specialise in specific areas or conducting comprehensive supplier audits can help maintain high standards and efficiency.
The Benefits of a Strong Supply Chain
With Euro 2024 on the horizon, now is the time to evaluate and strengthen your supply chain. Conducting a detailed supply chain audit with on-the-ground specialists ensures compliance, reduces risks, and enhances performance.
A robust supply chain leads to cost reductions and increased profitability, positioning your business to thrive during and after the event.
Get in Touch
For more information on optimising your supply chain, visit the supplier auditing section of our website. Contact Kiley Tan at 07885 784783 or via email at kiley.tan@mosaicint.co.uk for expert advice and support.
[1] Statistia, 2024