As India gears up to host its fourth cricket World Cup, millions of anxious fans will fill stadiums or gather in front of their television screens, their hopes riding on the national team to repeat their past success after 12 years.
Irrespective of the outcome on the field, the Indian economy is poised to benefit significantly, with BQ Prime’s estimations suggesting a conservative windfall of over $1.5 billion. The ICC World Cup 2023, commencing next month, will witness fervent fans, both from India and overseas, flocking to various cities. They will purchase match tickets, reserve accommodations, dine at restaurants and street food stalls, buy memorabilia and merchandise, explore tourist attractions, and more.
The aviation and hospitality sectors are expected to be the primary beneficiaries of this cricketing extravaganza. Air travel will witness a substantial surge, driving up the demand for airport services. Meanwhile, hotels are set to profit handsomely, with room rates reportedly skyrocketing between eight to fifteen times during marquee clashes like the India-Pakistan encounter, as per multiple reports.
Also read: Top 5 Key Players to Watch at the ICC ODI World Cup 2023
Notably, the demand for restaurants and fast-food chains is poised to soar, catering not only to visiting tourists but also to the millions of Indians who prefer home delivery.
According to BQ Prime’s calculations, the cumulative economic impact resulting from direct and indirect spending during the tournament is projected to exceed $1.6 billion. This figure surpasses the economic impact of $347.2 million during the 2015 Australia-New Zealand edition and $447.8 million during the 2019 U.K. World Cup by more than threefold.