This figure is expected to rise to £2.27bn in the unlikely event that Southgate and co reach the final itself in Moscow on 15 July.
The hospitality sector is set to be the main beneficiary of this windfall, with £193m expected to be spent in the pubs, restaurants, cafes and clubs by those watching the football this summer if England manage to qualify from their group - which also contains Belgium, Panama and Tunisia.
The amount spent across the sector is expected to rise to £488m if England reach the final.
This trend is supported by a separate study of 2,000 Brits by Opinium and VoucherCodes, which reveals that a quarter of people will spend money on drinks throughout the tournament and watch England games at their local.
According to findings, pubs, bars and clubs in Sheffield are the most likely to be packed out during England’s World Cup fixtures, with 43% of the Steel city’s residents planning to watch the Three Lions in action from their local during the group stages.
Research also revealed 25% of 18 to 24-year-olds said they would be attracted to spend more when offered pairing suggestions in outlets.
Jimmy New, director of marketing at VoucherCodes, commented: “The 2018 World Cup looks set to be a huge event in the UK, not only for football fans, but for British retailers too, with a huge £1.33bn estimated to be put through the tills over the next couple of months to celebrate the tournament.
“Retailers and publicans can maximise the opportunity by creating a sense of occasion in their outlets.
“Everything from point of sale to pairing suggestions and offers, can help tap into the World Cup Fever and increase consumer spend.”
However, VoucherCodes and the CCR’s research also revealed that 86% of the British public are planning to watch Russia 2018 unfold from home – and are expected to spend £240m on food and £297m on drink, rising to a combined total of £1.12bn if England reach the final.
These consumers will also spend £37m getting their gardens ready and upgrading their BBQs to host friends and family, increasing to £62m if England reach the final.
Locals in Norwich are most likely to stay in and watch the matches at home with friends and family, even if England make it to the final, with 89% planning to do so, according to research.