But it's not only fans needing new shirts that will be ringing the tills – a big wodge of cash is likely to be spent on nights out by the non-footy fans trying to avoid the football fever. More than one in 10 consumers (12%) admit they go shopping to avoid watching sporting events on the telly.
Richard Cope, senior trends consultant at Mintel, says: "Whether or not consumers embrace the World Cup, it remains good news for the UK economy.
"This is because for every consumer prepared to participate and spend money on a new TV, England kit or food and drink for home viewing, there is another investing in shopping or a night out at a non football venue as escapism whilst the game is on."
Novelty items and gifts will be a major winner, accounting for 20% of the extra retail revenue - nearly one in ten (9%) Brits have bought or are planning to buy World Cup merchandise for this year's tournament. The remainder of the retail gains will be made up of snacks (9%) and carbonated soft drinks (2%)
A third (32%) of those intending to watch the World Cup, are planning to do so in a pub or bar. And of those who are planning to watch, as many as one in five (20%) consumers claim that the World Cup is a good excuse to organise a boys/girls night out.
For many the World Cup will be an excuse to catch up with friends and family as more than a third (35%) say they often watch major sporting events in their company.
But employers beware: more than one in 10 Brits (13%) admit that they are planning on leaving work early to watch a game starting at 5pm.
The focus on Brazil will deliver more benefits for the country than just the short term impact of the World Cup. More than one in 10 (13%) consumers claim the World Cup has made them interested in visiting Brazil and some 9% of consumers claim to be interested in trying Brazilian products such as food and or drink from Brazil.
Another 17% of World Cup viewers and listeners say that they would like trying out different food and drinks to match the teams they are watching during the tournament.
Only just over half of Brits (52%) say they will be supporting England during the 2014 World Cup. And if England don't do as well as hoped 13% of England fans claim they'll be supporting another team as well as England.