One marketer complains that younger players are "unrecognisable" and there simply aren't the players netting the mass-market appeal of David Beckham.
Tim Crow, chief executive at Synergy, said the England team has unquestionably become a less attractive commercial property.
He said: "10-years ago going into tournaments the question would be would they make it to the semi-finals or the finals, now it is will they get out of the group stages."
He also points to the "less than stellar" off-pitch reputations of players such as John Terry.
Phil Carling, global head of football at Sports Marketing Agency Octagon, said: "The wider issue for the FA is how do they get the fan base engaged with the England team and how do they promote the younger players.
"The expectations surrounding the England team has not been lower since the 1980s.
"The team hasn’t kicked a ball yet, but the grandmothers and the housewives aren’t engaged. There has been a falling off of the wider football fan base."
The tournament has already faced a barrage of bad press and the BBC's 'Panorama' programme 'Euro 2012: Stadiums of Hate', depicted Polish fans chanting anti-Semitic slogans and giving Nazi salutes.
England defender Sol Campbell has also urged fans to stay away from Euro 2012 and "watch it on TV" instead.
According to media agency sources the controversy has not had a negative impact on advertising rates.
ITV has sold packages in advance crossing all games in the region of £900,000.
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