Company News • 31.07.2012
Retailers cut price of Olympic souvenirs by up to 80%
The Olympic Games have only just started, but retailers have already begun cutting the prices of Olympic souvenirs by up to 80% according to pricing intelligence specialist Profitero.
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 official souvenirs has been met with surprise.
Department stores, supermarkets, shops and online retailers have reduced the prices of official Olympic souvenirs by as much as 80% with some price cuts even introduced before the Games began.
Retailers such as Argos, John Lewis, Sainsbury's and WH Smith have all reduced prices for Olympic products. A £2.50 Team GB tax disc holder is now selling for 48p at Morrisons while 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.
Source: Retail Bulletin