The International Cricket Council (ICC) recently published a detailed economic report on Wednesday, September 11, highlighting the substantial economic impact of the Men's Cricket World Cup 2023. This prestigious event, which took place in 10 major Indian cities, contributed an impressive USD 1.39 billion (Rs 11,637 crore) to India's economy. Running from October 5 to November 19, 2023, the tournament not only marked the largest in the history of the Cricket World Cup but also served as a catalyst for significant economic growth across various sectors.
The ICC, in collaboration with the Board of Control for Cricket in India (BCCI), made substantial investments in organizing the event. These investments, combined with a comprehensive stadium upgrade initiative led by state cricket associations, directly benefited numerous industries throughout India. The report emphasizes the potential of ICC events as drivers of economic development, demonstrating the tangible benefits of hosting globally significant events.
"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," ICC chief executive Geoff Allardice said.
Tourism emerged as a key driver of the economic impact, with the report unveiling that tourism alone generated an impressive USD 861.4 million in revenue. This surge was fueled by the influx of both domestic and international tourists who flocked to witness the matches in host cities such as Ahmedabad, Bengaluru, Chennai, Delhi, Dharamsala, Hyderabad, Kolkata, Lucknow, Mumbai, and Pune.
The accommodation, travel, transportation, and food and beverage sectors all benefited from this large-scale movement, with a total of USD 515.7 million, representing approximately 37% of the overall economic impact, stemming from secondary and incremental spending by visitors.
A record-breaking 1.25 million spectators graced the ICC Men's Cricket World Cup 2023, making it the most attended World Cup in cricketing history. Notably, 75% of these spectators were experiencing a 50-over World Cup match for the first time, showcasing the tournament's increasing appeal. International visitors constituted a significant portion of attendees, with 19% of them visiting India for the first time, highlighting the global allure of the event.
Among the international attendees, a majority explored various tourist destinations across India, contributing an additional USD 281.2 million to the economy. The impact of these international visitors extended beyond immediate tourism-related revenue, as nearly 68% of them expressed their intention to recommend India as a tourist destination to their acquaintances, further solidifying India's reputation as a premier travel and sporting destination on the global stage.
The report has shed light on the significant positive impact of the World Cup on the local population. A staggering 73% of local attendees expressed that hosting the event had a profound effect on enhancing India's image, solidifying its reputation as a premier destination for major international sporting events. The Pan-India economic impact, which includes revenue not specific to a particular host city, reached an impressive USD 253.9 million, demonstrating the widespread benefits of the tournament beyond the host cities.
Furthermore, the event generated over 48,000 full and part-time jobs, with many directly associated with the organization and execution of the event. A substantial number of jobs were also created in the hospitality and service sectors, contributing USD 18 million in value to the economy.
The ICC Men's Cricket World Cup 2023 also garnered significant media exposure for the host cities and the nation as a whole. Through city shots, branding on team kits, and verbal mentions, the event generated USD 70.7 million in media impact, further bolstering Indian businesses and stakeholders.
The long-term implications of the event are equally promising. A noteworthy 59% of international attendees expressed their likelihood of revisiting India in the future, indicating a lasting positive impact on the country's tourism sector. This sentiment underscores the enduring legacy of the World Cup as not only a sporting spectacle but also a catalyst for future economic growth.
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