The Olympic Games have only just started, but retailers have already begun slashing the prices of Olympic souvenirs by up to 80 per cent. The 2012 Olympic Games is underway and the UK’s retailers are enjoying a spending bonanza around the sporting event. Analysts have estimated that London alone could see an extra £2.2 billion pumped into its economy from the impact of foreign visitors coming to enjoy the Olympic Games this month.
With so many tourists wanting to take home a souvenir of the Olympic Games, the news that retailers have introduced massive reductions on officialsouvenirs has been met with much surprise.
Department stores, supermarkets, shops and online retailers have reduced the prices of official Olympic souvenirs by as much as 80 per cent; some even introduced price cuts before the Games began.
Retailers such as Argos, John Lewis, Sainsbury’s and WHSmith have all reduced prices for Olympic products.
A £2.50 Team GB tax disc holder is now selling for 48p at Morrisons supermarkets; the original price was £2.50. Souvenir stickers have been reduced from £1 to 28p in some stores. The 2012 organising committee has estimated that £1 billion will be generated from the sales of Olympic souvenirs.
Pricing intelligence company Profitero works with retailers and manufacturers to help them increase sales and maximise their profits by using competitor price, promotions and stock information at scale. For more information on Profitero price intelligence and competitor monitoring, visit www.profitero.com or email email@example.com.