EURO 2024
How hosting Euro 2024 could impact the German economy
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Germany will be hoping for sporting success as host of the 2024 Euros soccer championship kicking off in a month’s time, but it will also be looking for a consumption boost from all the fans guzzling beer and staying in hotels and rented rooms.
Europe’s largest economy is expected to grow around 0.3% this year, slower than other large industrialised countries. The following is an overview of how the tournament could give it a welcome boost.
WHO CAN HOPE FOR BETTER BUSINESS?
There are 2.7 million tickets available for the four-week event from June 14 to July 14. The hosting venues Berlin, Munich, Cologne, Dortmund, Duesseldorf, Frankfurt, Gelsenkirchen, Hamburg, Leipzig and Stuttgart can expect a rush of domestic and foreign guests.
“People are more active when it comes to travelling, for example going to major events and concerts by international stars,” said Norbert Kunz, Managing Director of the German Tourism Association (DTV).
“It could well be that 2024 will be a new record year for tourism in Germany – also thanks to the many enthusiastic football fans who want to experience this event live.”
Breweries can also expect a boost.
“Large football events in the past have shown that more beer is drunk during the tournament than is normal in the summer weeks,” said Holger Eichele of the German Brewers Association. During the 2006 World Cup, which Germany also hosted, beer sales rose around 5% before and during the tournament.
That would be especially welcome as 2023 was a difficult year for the beer industry, with sales in the country falling by 4.5% to 8.4 billion litres, continuing a long-term downtrend, according to government data.
WILL THE TOURNAMENT CREATE A CONSUMPTION BOOM?
“The experience of the World Cup in 2006 shows that major sporting events are not economic fireworks,” said Michael Groemling of the German Economic Institute (IW).
Many consumers are likely to use the tournament as an opportunity to buy a new television or drink an extra beer.
“But they save money elsewhere: bratwurst instead of a restaurant, a TV evening instead of going to the cinema,” said Groemling. “As a result, consumer spending is not necessarily increasing but rather shifting.”
Commerzbank economists say the economy could stagnate in the second quarter – which includes the first half of the tournament – after growing by 0.2% from January to March.
WHO ELSE COULD BENEFIT?
Retail sales could receive a consumption boost if the home team does well on the pitch, said a spokesperson for the industry association HDE.
“Only if the German national team survives the first phase of the tournament can consumer sentiment also benefit,” the spokesperson said. Grocery stores tend to do well during major sporting events as fans stock up on drinks and food while watching together.
The booking portal AirBnB (ABNB.O), opens new tab expects the Euros to provide an additional tailwind for the rental of holiday apartments.
The advertising space marketer Stroeer (SAXG.DE), opens new tab also expects a boost, as well as sporting goods manufacturer Adidas. World market leader Nike (NKE.N), opens new tab has nine teams under contract at the European Championships, Adidas (ADSGn.DE), opens new tab six and Puma (PUMG.DE), opens new tab four.
WHAT ABOUT GERMANY’S IMAGE?
“A major sporting event can brighten the mood and improve the image of the host country,” said the IW’s Groemling, speaking about its allure at a time when foreign direct investment into the country has fallen.
“At the same time, the economy is shaped by expectations and moods – the emotional return from the EM should not be underestimated.”
-Reuters
EURO 2024
Gareth Southgate dares to dream as England eye end to long wait for Euros glory
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England manager Gareth Southgate said he does not believe that fate is guiding the Three Lions to Euro 2024 glory, but is dreaming of ending a 58-year wait to win a major tournament in Sunday’s final against Spain.
Three years on from losing the Euro 2020 final on home soil to Italy, Southgate’s men have another opportunity to become European champions for the first time in Berlin.
England have struggled on their road to the final, needing a series of late goals, fightbacks and a penalty shoot-out against Switzerland in the quarter-finals.
Southgate said that did not mean they were destined to beat a Spanish side who have been a class apart in the competition so far.
However, it would a reward for England’s consistency in never failing to reach at least the quarter-finals in the four tournaments Southgate has taken charge of.
“I’m not a believer in fairy tales but I am a believer in dreams,” Southgate said at his pre-match press conference on July 13.
“We’ve had big dreams, we’ve felt the need and the importance of that but then you have to make those things happen.
“Fate, the run that we’ve had, the late goals, the penalties, that doesn’t equate to it being our moment, we have to make it happen tomorrow and perform at the level that we need to perform.
“Of course it would be a lovely story but it’s in our hands and our performance is the most important thing.”
–AFP
EURO 2024
Spain to offer relentless pressing against England
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Spain go into Sunday’s Euro 2024 final as slight favourites over England after not only being the most attractive team to watch at the tournament but having won every match they have played.
The Spaniards have emerged as a team that can quickly adapt their strategy to their opponents without giving up their direct attacking game in favour of a results-based performance.
They outsmarted France in the semi-finals despite falling a goal behind and it took them just five minutes to score twice to take the lead with their relentless pressing game and vertical passing that forced the French to resort to long balls.
With Rodri as their midfield dynamo, a strategist matching Germany’s Toni Kroos in impressive passing efficiency but with a more attack-minded approach, the battle in the centre of the pitch is expected to play a key role in the outcome.
England will have to wrestle possession from Spain, who also have the outstanding Fabian Ruiz in midfield, a player who for many is already the player of the tournament.
With lightning wingers Nico Williams and Lamine Yamal, who turns 17 on Saturday and is the youngest scorer at a Euros or World Cup, ripping up defences and able to score and provide assists, England’s fullbacks will have their hands full.
Spain are the first team to win six games at a single Euros following their victory over France, up to that stage the team with the tournament’s best defence.
A second successive Euro final for England and coach Gareth Southgate is no mean feat even though they had to endure weeks of criticism, especially in the group phase, for lacklustre performances and with little punching power up front.
England’s defence, however, has remained solid and with the pace of John Stones and Kyle Walker, when they do get exposed, they have proved adept at scrambling recoveries.
SPANISH POSSESSION
Spain’s ball possession and movement will likely give England their biggest test so far and key to Southgate’s side being able to stay in shape is the incredible work of defensive midfield screen Declan Rice.
His anticipation of danger areas plus his movement, strength and determination have made him arguably England’s best player in Germany as he patrols in front of the back four, firefighting wherever the danger pops up.
The rest of England’s midfield also stepped up against the Netherlands in the semi-finals in terms of regaining possession, with Kobbie Mainoo, Bukayo Saka and Phil Foden all showing an appetite to spoil and stifle.
After their largely misfiring group stage, with two goals in three matches, Southgate will have been reassured by what he saw against the Dutch when his big names stepped up and started creating sustained danger from out wide and through the middle.
He will encourage Jude Bellingham to run hard at the same defenders the midfielder bullied en route to becoming LaLiga player of the year, while reminding Harry Kane how much more effective he was in the semi when he did his work in and around the box rather than going deep as he often did previously.
One area of concern is England’s failure to be dangerous at set piece situations. Defensively they looked vulnerable in the air against a very big Netherlands team but that is unlikely to be so much of a factor versus Spain.
-Reuters
EURO 2024
Euro finals facts and records
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Here are some facts and records of European Championship finals ahead of Sunday’s Euro 2024 showcase between Spain and England:
Most titles: Spain (3), Germany/West Germany (3)
If Spain win the title on Sunday they will be the only team to have won the title four times.
Most finals: Germany/West Germany (6), Spain (5, including Euro 2024)
Titles won by the Euro 2024 finalists
Spain: 1964, 2008, 2012
England: –
Biggest win in final: Spain beat Italy 4-0 in 2012.
Finals decided in extra-time: 1960, 1996, 2000, 2016
Finals decided by penalties: 1976, 2020
Final played twice: 1968. The final won by Italy was played twice after the first match against Yugoslavia ended 1-1 after extra-time. Penalties had not yet been introduced as deciders.
Defending champions winning the title: Spain 2012
Teams that won the title after reaching the final in the previous edition:
1980 West Germany (finalists in 1976)
1996 Germany
England reached the 2020 final which they lost to Italy and are in the final once more.
Teams that won the title without requiring penalty shootouts during the tournament since their introduction:
France (2000), Greece (2004)
If England win they will be the seventh team in the last nine Euros to have triumphed after winning a shootout at some point in the tournament.
Third-placed team in group stage to win the title: Portugal (2016)
Red cards in final: 1984 Yvon Le Roux (France)
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