After beating Colombia on Tuesday, England play their quarter-final against Sweden on Saturday at 3pm, providing a possible boost worth billions to the UK economy.
The World Cup is said to boost consumer spending, particularly on food and drink and products like TVs, football kits and merchandise. The Centre for Retail Research (CRR) estimates that the World Cup would add an extra £1.3bn to the economy, and £2.72bn if England reach the final.
Earlier research undertaken by VoucherCodes and the CRR suggested that consumers are expected to spend £193m in high street pubs, restaurants, cafes and bars across the country throughout the World Cup 2018; reaching £488m if England make the final.
Meanwhile, with 86% of fans expecting to watch the tournament at home, retailers could take £1.12bn on food and alcohol. This figure could be even higher taking into account parties and BBQ’s as a result of the uninterrupted run of hot weather.
Professor Joshua Bamfield, CRR director, said the amount spent so far was about £800m more than during the 2014 World Cup when England failed to get past the group stages.
He said: "At the last World Cup we didn't get past the group stage and from a retail point of view sales fell off a cliff.
"This time no one expected much…but once they started playing it all changed.
"The spending patterns also fit in with the current retail theme of 'experience'. People want to spend their money going to the pub or having a barbecue with their friends and watching the match."