The Ecuador football team, on their way to the airport after being knocked out of the World Cup 10 days ago, stopped at sporting goods manufacturer Puma's shop in Bavaria. "There were 25-30 of them and they just went crazy - real power-shopping like they were trying to buy out all the store," said one observer.

If only everybody would spend like the Ecuadoreans. The World Cup has been a triumph on the pitch, for Germany's image and for boosting confidence among businesses and consumers. But its economic impact in Germany is less certain, with hoteliers, taxi drivers and retailers complaining of slow business.

"There is probably some impact on sentiment. But you can't see a World Cup effect in the hard data," says Dirk Schumacher, an economist at Goldman Sachs.

Jürgen Seipel, a Berlin taxi driver, is more blunt: "The World Cup has been a big disappointment. My figures for June have been worse than those for May."

Only 9 per cent of restaurateurs and 15 per cent of hotel owners were very satisfied with the World Cup, while 44 per cent of the hospitality industry was dissatisfied, according to a poll by TNS Infratest.

Sports companies such as Adidas and Puma may have enjoyed a boom but for other retailers it has largely been business as usual and high streets have been deserted during matches.

Brewers are one of the few undoubted beneficiaries - and even they might be mourning England's exit at the weekend after its fans drank an average 17 pints each in Nuremberg alone.

A slew of macroeconomic numbers last week helped illustrate the trend. Business confidence in Germany, as measured by the Ifo index, hit a 15-year high, consumer sentiment soared to its highest since November 2001 and the World Cup was credited with creating 50,000 jobs. But retail sales slumped 2.2 per cent in May, a month when economists expected most of the "big ticket" purchases for the World Cup, such as televisions, to be made.