JERSEYS, SEATS, AND STADIUMS: THE TRUE IMPACT OF THE FAVRE EFFECT
MINNEAPOLIS/ST. PAUL (8/19/2009) - Brett Favre's headline-grabbing trip across state lines to join his one-time rivals, the Minnesota Vikings, also has a host of implications off the field. Akshay Rao, marketing professor at the University of Minnesota's Carlson School of Management, says that a high-profile athletics deal like the Favre hire has huge economic implications for everything from merchandise sales up to stadium funding. "Fans aren't alone - politicians, team owners, and merchandisers will all be watching when Favre puts on the purple," says Rao.
The Vikings-Packers face-off on November 1st will most likely break all sales records - if Favre plays. And if he not only sells tickets, but wins games, then the stage has been set for future stadium fights. "Team owners can make the argument that high sales are exactly what we need to stimulate the economy and enhance the quality of life here. Gubernatorial candidates on both sides of the aisle will begin to take notice," Rao comments.
And what happens if this 40 year old can't recover from last season's injuries? Merchandisers may still win. "Retailers should get on the bandwagon quickly. In case his achievements don't last, you want to maximize your sales now. Further, if history repeats itself and Favre retires again quickly, you have memorabilia that's ripe for collectors," says Rao. "If he is successful, then, of course, Brett Favre merchandise will be popular. Either way, the new quarterback may be a good merchandise bet."
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Akshay Rao's teaching, research, and consulting have focused on industries ranging from food and airlines to apparel and the Internet. His research and opinions have been featured in TIME, The Economist, NPR, and other outlets. Professor Rao can be contacted about topics such as advertising, branding, gas prices, and decision making.
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