The Economic Impact of Hosting of Cricket World Cup 2023
Introduction: Cricket shines in the huge panorama of sports as more than a game for millions of Indians. The echoes of a ball of cricket striking the bat can be heard anywhere, from the bustling marketplace of Mumbai to the peaceful landscapes of Kerala.
Kids play in tight alleyways, large fields, as well as on terraces, trying to replicate their cricketing legends. Families congregate around televisions, all attracted altogether by the fascination of this sport. Cricket, in basic terms, is a feeling that unites the nation, overcoming geographical, linguistics, and cultural barriers.
Table of Contents
Implications of Hosting Cricket World Cup:
Being the host of the Cricket World Cup 2023 was a big economic opportunity in cricket and national pride. In this ever-changing environment, the “Cricket World Cup: Through the Field to the Economy” represents more than just a sporting occasion. It was an intriguing look at the monetary implications of holding a Cricket World Cup, going deeper into the economical complexities of wealth creation, visitor flow, and extraordinary construction of infrastructure.
Memories of ICC Cricket World Cup 2011:
Every cricket fan in India would remember the year 2023. The nation has hosted the 13th edition of the ICC Cricket World Cup, returning the global cricketing extravaganza back to Indian soil after a 12-year absence. The nation exploded in delight the last time India sponsored the World Cup in 2011, when the Indian cricket team, captained by the dynamic M.S. Dhoni, raised the trophy to the sky, breaking a 28-year wait. Millions of people will remember Dhoni’s match-winning six in the match’s final at Mumbai’s Wankhede Stadium.
Excitement for the ICC World Cup 2023:
This year, the excitement was tangible. The cities have been fitted out, venues were rebuilt, and spectators were excited to witness cricketing magic happen as teams from all over the world gathered in India. The World Cup was not only more than just a series of matches; it’s an occasion to celebrate an observance of a sport that India cherishes. As the country, prepared to host this major event, the excitement levels extended beyond the matches. The World Cup bought a wealth of possibilities, difficulties and memorable experiences for years to come.
As a Strong Economic Boost:
The ICC Cricket World Cup represented more than simply a sporting extravaganza; it was a massive economic juggernaut, particularly when hosted by a cricket-crazy country like India. With the 2023 edition being held in India, the country has been benefited significantly economically. The flood of global travelers, the increase in domestic travel, and the increased purchasing by consumers during the sporting event has given the Indian economy a strong boost.
Unprecedented Viewership in World Cup:
The astonishing popularity figures for big events highlighted India’s enthusiasm of cricket. Prior World Cups have seen an unprecedented popularity, particularly when the Indian team advances to the knockout stages. For example, the 2019 World Cup in England drew over 552 million viewership from India by itself, with India-related matches getting the most views. The same edition’s India-Pakistan encounter, for example, drew an astounding 244 million spectators.
Implication of Historic Viewer Statistics:
Despite the World Cup being held in India in 2023, these figures are higher than expected. The combination of favorable match times and the home team’s fixtures is likely to lead in historic viewer statistics. This rise in viewing leads directly into greater marketing revenues, higher cost of subscriptions for broadcasters, and an overall upswing in the media and entertainment sector.
The championship, which runs from October 5 to November 19, has increased consumer spending in a variety of sectors and has even contributed to an increase in revenue growth in the December quarter. The much awaited encounter between India and Pakistan took place on October 14, 2023, at Ahmedabad. According to the International Cricket Council, the tournament drew a record 35 million viewers on Saturday.
It is hard to predict the economic impact of the games, but the whole tournament is projected to have an additional impact on the national economy during this quarter, said Shantanu Bhargava, managing director and head of listed investments at Waterfield Advisors, prior the World Cup began. All five analysts who spoke to CNBC believe that the hospitality industry, meals and beverages, and advertising in the media would experience high demand increases.
Hike in Domestic and Worldwide Flights:
Domestic and worldwide flights to India were in great demand months before the World Cup began, with avid supporters purchasing plane tickets even before getting seats for the game. Flight searches to India increased by 110% to 130% in the months preceding the World Cup.
As reported by Cirium a travel analytics firm there were 787 flights booked to Ahmedabad, where the final match was held, from November 13 to November 19. Although it is difficult for the data to accurately portray the explanation for making the reservations, there appears to be a slight connection between the match dates and the total quantity of flights registered. International flight traffic to India increased by 15%, owing to visitors from Australia, the United Kingdom, New Zealand, Sri Lanka, and the Netherlands.
The Indian low-cost carrier Indigo, which has handled more than half of all trips to Ahmedabad during the World Cup’s final week, was likely to boost prices.
Hospitality Sector:
Following a strong Covid-19 recovery, India’s hospitality sector has enjoyed unparalleled expansion. According to RateGain data, accommodation costs in host cities were soared by 125% to 300% year on year in the October to November period. Pune, where India had faced Bangladesh topped the price increases, with hotel costs increasing by nearly 360%. In accordance with RateGain, hotels in Ahmedabad have increased by 310%.
When India played Pakistan, prices at Ginger, an Indian Hotels Company-owned hotel chain, reached 50,000 rupees ($600). “In normal circumstances, it would cost one tenth of that cost and one is able to find a room for 4,000 rupees,” Bhargava went on to say.
World Cup and Diwali:
According to the online food delivery firm Zomato, transactions rate and stocks have increased by 88% since the start of the year. As India advanced to the finals and more people organized gatherings, the festivities grew in size. The World Cup in 2023 coincided with the Diwali season, which was a perfect coincidence. As a result, the increase in spending over that period will be observed in the December quarter.” In India, Diwali is widely observed. This holy event often increases demand for food and beverages, textiles, electronics, and gold.
Streaming Broadcaster:
Disney+ Hot star, the streaming broadcaster of all 48 matches, has received $300 million in sponsorships and advertising money. While the cricketing titans compete on the pitch during the ICC Cricket World Cup 2023, another game has been fought off the pitch – the game of economic advantages and national pride. Besides being a competitive event, the World Cup is a tribute to the linked connection between entertainment, art, and economy.
More than a Game:
However, beyond the statistics and economic forecasts, the World Cup is a celebration of the Indian soul. Cricket, which is frequently referred to be a religion in India, unites individuals transcending geographical, linguistics, and economic constraints.
Showcases the Strengths of the Country:
At the same time, the World Cup highlights India’s booming economy. The capacity to host such a large event, arrange logistics, assure security, and deliver excellent amenities demonstrates India’s infrastructure and organizational strengths. Worldwide attention on India at this time showcases not only the country’s fondness of cricket, but also its abilities as a burgeoning economic superpower.
Conclusion: The ICC Cricket World Cup 2023 is about more than simply boundaries, wickets, and medals. It’s about a billion individual heart rates, young ambitions’ hopes, recollections of previous glory, and the prospect of a stronger economic environment. As the matches proceed and the players gave their all on the pitch, India as a country rejoices in the combined joys of cricketing devotion and economic recovery.
