Italy's win against England in the final of the delayed UEFA Euro 2020 is expected to benefit the Italian GDP by 4 billion euros ($4.74 billion) in the short term, according to an analysis.

The research, published by Brand Finance, a London-based brand valuation consultancy, suggested both nations, just by reaching the final, potentially enjoyed a significant increase in GDP due to increased consumer confidence leading to spending at pubs, supermarkets, and other hospitality venues.

Following Italy's win, a bounce in consumer confidence and spending has further been predicted, spurred by the timing of the tournament, which occurred after a long period of lockdown and reduced opportunities to socialize.

Massimo Pizzo, managing director of Brand Finance Italy, said: "Italy's victory will certainly mark a significant moment for the nation, particularly following the difficulties faced over the last year and a half during the pandemic, with Italy being especially hard hit. This moment has undoubtedly revived the nation's spirits, therefore restoring consumer confidence and spending."

Occurring at a time when audiences are extremely tuned in and more desperate than ever for opportunities to celebrate, Pizzo said: "Italy's win is also set to further build global sentiment about its nation, culture, heritage, people, values, and sports leadership, therefore boosting perceptions of the nation."

The findings showed the nation's sponsorship deals directly align with its performance in previous major tournaments.

The men's national team of France went into the 2018 World Cup with 71 million euros in annual sponsorship, but, after coming away with the trophy, its annual sponsorship rocketed by 29 percent, to 91 million euros for the Euro 2020 tournament played this summer, the study noted.

The England team's respectable fourth-place finish at the last World Cup delivered a 10 percent boost to sponsorship income between the two tournaments, from 70 million euros to 77 million euros, whereas Italy's failure to qualify for the World Cup contributed to a 5 percent fall in its sponsorship income.

Based on France's performance after winning the 2018 World Cup, the research suggested Italy's Euros win could deliver an additional 13 million euros in sponsorship income, taking total sponsorship income to 59 million euros.

For most of the national football teams, the biggest individual sponsor is the kit manufacturer, and Italy signed an eight-year contract with Puma in 2015, before a sponsorship value explosion around the 2018 World Cup. Italy's kit deal is currently bringing in just 22 million euros a year until 2023.

The research suggested Italy winning the Euro could result in Puma getting a significant return on its sponsorship investment. Puma only partnered with four teams at the tournament — Italy, Switzerland, Austria, and the Czech Republic — compared to Adidas, which partnered with eight, and Nike, which partnered with nine.

Lorenzo Coruzzi, an associate at Brand Finance, said: "While Italy's success at the Euro 2020 marks a big victory for the team and wider nation, it marks an even bigger victory for Puma, as kit manufacturers see a significant return on investment following a win of this nature. With Italy as the biggest property that Puma has at the competition, the brand has certainly reaped the rewards from this historic moment".