The shadows of the World Cup are long, very long. Even after 18 years. „I ask all of you to turn Euro 2024 into a public festival – just like in 2006“, Bjørn Gulden recently told his audience at the Adidas Annual General Meeting.

The Norwegian CEO gave his usual relaxed and entertainment speech, with phrases such as „business has improved, but not my German" and „I also turned down Bayern Munich“ (on the topic of the club's search for a manager). His speech can of course be viewed on the company website, which Gulden refers to as "Adi“. His choice of a white training jacket with blue stripes clearly follows his business interests, since for Adidas major football tournaments are lucrative affairs – even more so than the Olympic Games.

The CEO is not the only one in Germany who hopes for a repeat of the atmosphere of the 2006 summer fairy tale (Sommermärchen) for the European Championship, which begin today. That World Cup presented a cheerful and hospitable country, with four weeks of celebration, German flags on cars and in front of big screens, along with sunshine throughout the tournament. Only years later did the shadows of corruption allegations in connection with the awarding of the World Cup come to light.

Gulden is convinced that joy and light-heartedness can be repeated – creating a mood that few believed Germany was capable of.

Economists analyze the topic far less emotionally, but even they do not limit themselves to data and facts „A potential improvement in sentiment could support consumer confidence", comments Jürgen Michels, chief economist at Bayerische Landesbank. However, he also points to the downside of watching football on the big screen, and having long discussions before and after the matches, noting that "productivity in the workplace could suffer.“ But overall he believes that mood and distraction effects will balance out.

According to the Bundesbank, consumer sentiment could brighten more quickly thanks to the football festival than indicators currently suggest. But the Munich-based Ifo Institute forecasts that there will be no significant sales impulses for the retail sector. At best, the European Championship could boost the business of supermarkets, beverage stores, and sports retailers. The extent will depend on the sucess of the German team.

The German Economic Institute (IW) in Cologne points out that despite all the enthusiasm over the football,, German gross domestic product only rose slightly in the summer of 2006. This could be explained by a seasonal effect. Consumer spending did not increase significantly but merely shifted, for example from restaurants to grilled sausages, and from cinema to TV evenings. And tourism will benefit, if at all, only the ten cities that are venues.

The sports equipment companies that outfit the teams have mixed expectations for the economic impact of the European Championship. Puma, which kits out Austria, Switzerland, Serbia, and the Czech Republic, has modest expectations . CEO Arne Freundt describes the four teams as „underdogs“ who do not sell a large quantities of team jerseys.

Nike competes for the European Championship title with a larger and more diverse set of countries, including England, France, Portugal, and the Netherlands. In total, nine of the 24 teams will wear the logo with the swoosh on their jerseys. The world market leader is thus at the forefront of the tournament. Adidas sends six teams, including defending champion Italy, Spain, Belgium, and of course Germany.

But the partnership between the three-stripes company and the German Football Association (DFB), which has lasted since 1950, is no longer as straightforward as it seems. In March, the DFB announced that from 2027 onwards, Nike will outfit the German national teams. According to reports, Nike will pay the financially troubled DFB about 100 million euros per year.

Even some of those who are not particularly interested in football are horrified that an American corporation will kit out the pride of Germany, replacing the traditional three stripes. From Gulden's point of view, it was not economically sensible to spend more than the previous annual sum of around 50 million euros per year.

„Sometimes people pay too much", he said at the AGM – without mentioning any names. „And then we laugh for a while“, he added, to robust applause from the shareholders.

Euro 2024 already gave Adidas a small boost at the start of the year. Revenue from shoes increased by 13% in the first quarter, also due to the dynamics in the football category. And the business with football clothing grew at a double-digit rate. Adidas attributes this not only to new team jerseys for the European Championship, but also for the Copa America. The American continental tournament is taking place almost simultaneously – from June 20 to July 14 in the United States. The final is the same day as the European Championships final in Berlin – perhaps coming at the end of a second summer fairy tale.