Euro 2020: A win in more ways than one
High spirits over Italy’s win will benefit the country well beyond the broad smiles on the faces of football fans
It is not just Italy’s football fans who are delighted after the country’s victory over England in the Euro 2020 final on Sunday.
Battered by years of stagnation and the severe and lasting impact of the pandemic, Italy’s GDP will receive an injection worth €4bn in the short term, according to an analysis by brand valuation agency Brand Finance.
The company says that just by reaching the final, both nations potentially enjoyed a significant increase in GDP due to better consumer confidence leading to spending at pubs, bars, supermarkets and other hospitality venues.
Following Italy’s win, a bounce in consumer confidence and spending has further been predicted, spurred by the timing of the tournament, held after a long period of lockdown and reduced opportunities to socialise.
High spirits following Italy’s victory could lead to an increase in spending, particularly on food and drink, alcohol and tobacco, household goods and services, transport, recreation, culture and hospitality. Italy’s win is also set to build global sentiment about its culture, heritage, people, values and sports leadership, therefore boosting perceptions of the nation.
Brand Finance says players and managers are also set to benefit. The Italy squad is set to share in bonus payments — the winners of the Euro 2020 tournament receive a total of £24m.
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