ICC World Cup 2023: Local businesses saw 400% surge in spending by foreign tourists

During the ICC World Cup 2023 that was hosted in India last month, local businesses including restaurants and hotels registered a 400% increase in spending by foreign tourists. Mastercard Economics Institute report, titled "ICC Cricket World Cup: A boost to India's economy", stated: "Australia had a better game on the day of the finals and took home the trophy. The other winner was the Indian economy."

Boost to Indian economy

The report mentioned that quick-service restaurants in cities which hosted the World Cup matches saw an increase of over 300% in spending by foreign tourists. The spending during three key matches including India vs Pakistan, India vs England and the final clash between India and Australia saw big business compared to other matches.

Also Read: World Cup 2023: Big boost to economy with packed stadiums and rise in viewership

The report also read that the multiplier impact of the ICC World Cup on the Indian economy has been an all-round win.

"From small businesses, local eateries, mom-and-pop stores, budget hotels to luxury accommodations and fine-dining restaurants — the multiplier impact of the ICC World Cup on the Indian economy has been an all-round win, underscoring the importance of sporting and other major cultural events on local and national economies", the report said.

Mastercard Economics Institute report

For the report, Mastercard surveyed tourists from the UK, Australia, New Zealand, Bangladesh, Afghanistan, Netherlands, Sri Lanka, South Africa, the UAE and Singapore.

"This report by the Mastercard Economics Institute examines that impact by evaluating the surge in cross-border and domestic spending by fans on travel, food, and hotels. During some of the key matches featuring team India, in-person restaurant spends increased by a whopping 400 per cent", said Gautam Aggarwal, division president of South Asia at Mastercard