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Wednesday, June 12, 2024

Costa Rica’s World Cup qualification would boost economy by $18 million

Costa Rica will play a decisive match against New Zealand on June 14. La Sele will fight for a spot in the upcoming World Cup to be held in Qatar, in November. It is no secret Costa Rica is a soccer-loving nation, and the passion for the national team is immeasurable.

According to a study conducted by Francisco Navarro, an academic at the School of Business Administration from the University of Costa Rica, if los Ticos achieve the feat, World Cup fever would return and this would boost the national economy by $18 million.

The sponsors of the Costa Rican Soccer Federation, the media and some goods and services companies, will benefit tremendously from the soccer team’s qualification, as assured by Navarro in his report.

For these businesses, securing a spot in the World Cup is key, as they see sponsorship as an investment in their brand image, which is exploitable depending on the emotion created and perception it produces for the public.

In fact, according to sports marketing theory, a good combination between the sponsoring company, the team and the event in which it participates, generates revenue not only through brand exposure, but also through purchase interest.

The economy will also be boosted, because people gather to watch the games at restaurants, bars or hotels, or organize get-togethers at home with friends and family, often buying food and drinks. Additionally, ticos buy merchandise from the national team and are willing to purchase different items to enjoy the games and all the expenses that this entails.

“It is clear that the best possible scenario for the national economy is the presence of the National Team in the World Cup in Qatar in November. If this is not achieved, it will not cause a great economic debacle, but several sectors would be missing out on the possibility of generating more resources and employment”, the study concluded.

The expert commented having several match dates is an advantage, because it keeps people interested and, as long as Costa Rica continues to play, fans will become fascinated and are likely to be drawn to everything that has to do with the marketing of those goods and services linked to the World Cup experience.

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