11 September 2024 02:59 pm Views - 674
A new economic report released today by the International Cricket Council (ICC) reveals that the ICC Men’s Cricket World Cup 2023, the biggest Cricket World Cup ever, generated an incredible total economic impact of USD1.39 billion (INR 11,637 Crores) for the economy of India.
The World Cup which took place between 5 October and 19 November 2023 across 10 host cities, Ahmedabad, Bengaluru, Chennai, Delhi, Dharamsala, Hyderabad, Kolkata, Lucknow, Mumbai and Pune, proved to be a catalyst for growth across various sectors, contributing significantly to India’s economy and showcasing the value of ICC events.
Direct investment into staging the event from both the ICC and the BCCI combined with a programme of stadium upgrades via the State Cricket Associations delivered direct benefits to Indian businesses across a range of sectors.
The impact of tourism across the host cities amounted to USD861.4m of revenue generation, through accommodation, travel, transportation and food and beverage because of a massive influx of domestic and foreign tourists attending the matches. The secondary and incremental spends within the economy was a key driver, generating USD515.7 million, which was approximately 37% of the total impact.
A record-breaking 1.25 million spectators attended the ICC Men's Cricket World Cup 2023 of which nearly 75% were attending an ICC Men’s CWC 50-over match for the first time ever. Nearly 55% of the international respondents had previously visited India regularly, whilst an injection of new visitors thanks to the World Cup saw 19% of international attendees making their first ever visit to the country.
International travelers visited multiple tourist destinations during their stay which amounted to an economic impact of USD281.2 million and nearly 68% of international attendees said that they would recommend India as a tourist destination to friends and family in the future further enhancing India’s global image. The majority of international visitors spent more than five nights in the country with domestic travelers staying in host cities for an average of two nights.
An impressive 73% of local attendees said hosting the Cricket World Cup reflected positively on the image of India, with the Pan-India impact – value not associated with a host city - of the event amounting to USD253.9 million.
In hosting the ICC Men’s Cricket World Cup over 48,000 full and part time jobs were created by the event through direct involvement in delivering the tournament, as well as other organizations across the hospitality sector which further contributed USD18 million as value to the economy.
The event saw high exposure of host cities and India through city shots, branding on team kit and verbal mentions, generating a media impact of USD70.7 million for businesses and stakeholders.
The report further highlights benefits extending beyond the World Cup period to create a lasting impact on the Indian economy as 59% of international attendees mentioned they were highly likely to visit India again in the future. The event showcased India as a world-class sporting destination and demonstrated the power of cricket as a vehicle for economic development.
ICC Chief Executive, Geoff Allardice said: "The ICC Men's Cricket World Cup 2023 has demonstrated the significant economic power of cricket, generating economic benefit of USD1.39 billion for India. The event created thousands of jobs and showcased India as a premier tourist destination, proving that ICC events not only engage fans passionately but also contribute significantly to the economies of our host nations."
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The ICC Men’s Cricket World Cup 2023 Economic Impact Assessment was conducted by Nielsen. The information was supplied by ICC and BCCI, gathered via online and in person spectator surveys, and the multiplier is proprietary software by Nielsen.