Spanish National Team's Elimination Projected To Cost Spain Bars Up To $265M
The Spanish Hospitality & Catering Federation (FEHR) estimated that on July 1, 2012, when Spain beat Italy in the finals to win Euro 2012, bars and restaurants "earned 40% more than their average earnings for a Sunday," according to EL CONFIDENCIAL. That "situation will not be repeated this year." Calculations by Kelisto.es project that Spain's elimination from the World Cup "will cause bars to lose" approximately €195M ($265M) in revenue, while other businesses will lose at least €404M ($550M). The study, carried out in collaboration with Universidad Pablo de Olavide's economy department, compares "monthly sales from normal situations with those produced during the 2010 World Cup." It was calculated by this study that sales throughout the tournament would have reached €986M ($1.3B) had Spain made the finals of the current World Cup. The FEHR did not "confirm this figure, but it did admit that an event like the World Cup makes for an increase in earnings that is undeniable for bars and restaurants." Spain's bar and restaurant sector was "expecting to contribute" €259M ($352M) to the national economy, but "only a small part of this sum has been contributed from business during the group phase" (EL CONFIDENCIAL, 6/24).