Exploring the Long-term Economic Benefits of India’s Successful Hosting of ICC Cricket World Cup 2023
The ICC Cricket World Cup 2023, hosted by India, not only served as a global sporting spectacle but also had a profound economic impact on the host nation. With an estimated $1.39 billion in economic benefits, the World Cup was a game-changer for India’s economy, tourism, and global profile. The event’s ripple effect continues to benefit various sectors, from tourism and hospitality to infrastructure and employment. Here’s a breakdown of how India is reaping the rewards of hosting the prestigious cricket tournament.
1. Spectator Engagement and Revenue Generation
The World Cup attracted 1.25 million spectators, with nearly 75% of them attending their first-ever 50-over match, indicating a massive appeal for the event. This influx of spectators brought significant economic benefits to the host cities.
- $861.4 million was spent by international visitors on accommodation, travel, transportation, and food.
- Apart from match tickets and food, the secondary and incremental spending contributed heavily to the overall economic impact.
2. Secondary Spending and Tourism Boost
Nearly 37% of the overall economic impact, around $515.7 million, came from secondary spending.
- A large chunk of this was attributed to tourist visits to various parts of India. Fans traveled beyond the host cities to explore the country’s rich heritage, landscapes, and culture, generating $281.2 million in local economic activity.
- The increased tourism significantly boosted the local economies, especially in popular tourist destinations, benefiting small businesses, retailers, and tour operators.
3. Employment Creation
The World Cup created a significant number of full-time and part-time jobs across various sectors. The preparation, organization, and hosting of the tournament required massive workforce participation.
- 48,000 jobs were created, providing employment opportunities in areas such as event management, security, transport, and hospitality.
- The event also added $18 million to the national economy in terms of job creation, further boosting the local labor market.
4. Media Impact and Branding
One of the major benefits of hosting the World Cup was the global media exposure that India received. The extensive coverage brought attention to the host cities and the country as a whole, positively impacting its image globally.
- The $70.7 million media effect was a result of increased city shots, branding, and mentions in global broadcasts. This media exposure contributed to India’s visibility on the world stage, highlighting its growing influence in global sports and its tourism appeal.
5. Comprehensive Economic Impact
The Economic Impact Assessment of the ICC Men’s Cricket World Cup 2023 was carried out by Nielsen, with data provided by the ICC and BCCI. The assessment used a combination of online and in-person surveys with spectators to calculate the economic benefits, employing Nielsen’s proprietary software to evaluate the multiplier effect on the economy.
- The event’s direct and indirect benefits have been far-reaching, with sectors like retail, transport, and construction also witnessing a rise in activity.
6. Long-Term Legacy
The impact of the World Cup goes beyond just immediate financial benefits.
- The infrastructure improvements, job creation, and global exposure have left a lasting legacy in the host cities and in India as a whole.
- The global recognition of India as a capable host for major international events strengthens the country’s bid for future tournaments, increasing its attractiveness as a destination for global events.
Conclusion
India’s hosting of the ICC Cricket World Cup 2023 was not just a sporting success but an economic triumph. With a $1.39 billion economic impact, the World Cup provided a huge boost to India’s tourism, hospitality, and employment sectors. The event’s lasting benefits are still being felt across the country, underscoring the value of sports events in driving economic growth, fostering national pride, and increasing global connectivity
The Economic Impact Assessment for the ICC Men’s Cricket World Cup 2023 was carried out by Nielsen. Data was provided by the ICC and BCCI, collected through online and in-person surveys with spectators. Nielsen used its own software to calculate the multiplier effect.
