A survey of 2,000 Brits conducted by music licensing firm PPL PRS revealed two-thirds (67%) of respondents will be tuning in to watch the event, which is being held in Sweden, on Saturday 11 May, with nearly one in 12 (7%) opting to go out for the occasion.
Pubs and bars were the most popular choice in the on-trade, with 4% planning to visit one of these venues on the day, followed by cinemas and theatres (2%).
Furthermore, a quarter (25%) of those visiting hospitality businesses expect to spend around £50 across the evening, with just 4% expecting to spend less than £20 on Eurovision night.
One in five (21%) plan to spend £20, while nearly half (47%) of respondents have budgeted upwards of £50.
Almost one in 12 (7%), however, have set aside more than £100 to spend at a Eurovision party.
Good atmosphere
The top drivers for Eurovision fans when choosing a location for a Eurovision party were good atmosphere (57%), followed by access to drinks (51%), the friends with them (48%) and access to food (46%).
Meanwhile, the least important consideration for prospective partygoers was the number of screens showing Eurovision (9%), with one screen as a focal point within a venue seemingly more than enough for fans of the contest.
Additionally, one in 10 (10%) said warm up acts or other entertainment were important to them when selecting a party destination, while 13% wanted background music and 17% would like to see decorations for the occasions, though atmosphere and refreshments remained most important.
London was revealed to have the most enthusiastic Eurovision fans, with 89% set to spend the evening in the on-trade, while the capital also saw the biggest spend intend at £51 per person.
The North East also proved popular with partygoers (88%), but with a much lower spend intent of just £35.
Only Welsh Eurovision fans plan to spend more than Londoners, with an average of £51, though just 3% of people in Wales intended on spending the evening at a public event.
Following Wales, with just one in 20 (5%) planning to attend a public Eurovision party, Northern Ireland and the South East.
Last year's events, which hosted in Liverpool, saw operators in the city "taken aback" by the impact Eurovision had on their business.
Feel-good nature
Gen Z and Millennials were the most keen to head out for Eurovision parties this year, with an average intended spend of £42 and £44 respectively.
Similarly, those in the Gen X bracket were likely to spend an average of £43, but 96% planned to watch Eurovision at home or at a friend’s house.
Despite just 2% of Boomers intending to watch the contest at a public viewing party, purchase intent was much higher, with average spend sitting higher than any other at an average of £53 per head.
The survey also revealed nearly three-quarters (72%) of those intending to watch the contest would be supporting the UK’s entry, Olly Alexander of Years & Years.
PPL PRS music therapist Marianne Rizkallah said: “Listening to music with other people, especially in response to a live social event such as Eurovision, brings groups together and improves mental wellbeing.
“Part of it is the music's properties itself - many contemporary Eurovision tracks are upbeat, in a major key and involve a four-to-the-floor drum beat that sounds anthemic and encourages you to wave your hands in the air and sing along.
“For businesses, using upbeat music that symbolises having a good time with your friends means the groups of people out in venues are more likely to spend their money there, with drinks in bars contributing to the feel-good nature of the night.”