ICC World Cup 2023: Local business saw 400% hike in spending by foreign tourists
The recent ICC Men's Cricket World Cup had a notable impact on the Indian economy, with a substantial increase in spending by foreign tourists, particularly in the hospitality and dining sectors. According to the "ICC Cricket World Cup: A boost to India's economy" report from the Mastercard Economics Institute, the tournament significantly boosted local businesses, including restaurants, hotels, and other retail establishments. Despite Australia emerging as the victor in the finals, the Indian economy emerged as a significant beneficiary of the event.
The report highlighted a remarkable surge in spending by foreign tourists, particularly during key matches such as India vs Pakistan, India vs England, and the final clash between India and Australia. Quick-service restaurants in host cities experienced a substantial increase in cross-border spending, with some witnessing over 300% growth compared to regular days. The study, which surveyed tourists from various countries, emphasized the multiplier effect of the World Cup on the Indian economy.
Gautam Aggarwal, division president of South Asia at Mastercard, underscored the impact of the tournament on cross-border and domestic spending, particularly in travel, dining, and accommodation. Notably, in-person restaurant spending during key matches featuring team India saw a remarkable 400% increase. Overall, the report highlighted the significant economic benefits of major sporting and cultural events on local and national economies.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.