Spain’s World Cup defeat an economic Disaster
Not only is Spain’s defeat at the 2014 World Cup against Chile and the Netherlands a disaster for the defending champion’s dignity. It can also lead to a staggering economic loss of about €600m in celebratory drinks, food and football merchandise.
According to price comparison website Kelisto.es, Spaniards spend most of their ‘World Cup money’ on TV, food and drink. They estimated that the value of possible loss to the retail industry following Spain’s defeat will be €600m.
Kelisto spokesman Celia Duran explained ‘In Spain, where 54% of people over 15 are self-proclaimed football fans, a sporting event like Brazil’s World Cup can have a huge impact on consumption.’
After their 5-1 loss to the Netherlands on Saturday, Spain was expected to recover versus Chile to gain traction in Group B. However, a 2-0 loss against the Latin American country today finally sent the Spanish team packing.
Spain’s double loss in the early stages is a first in World Cup history for a defending champion. Goal keeper Iker Casillas couldn’t help but admit that the ‘golden age’ of Spain is done.
The Spanish team is the most valuable team among World Cup contenders this year at $916m market value, followed by Germany ($828m) and Brazil ($689m). The team has also been considered the strongest in the past six years after winning 2 European Championships (2008 and 2012) and the 2010 World Cup.