ICC Cricket World Cup 2023 expected to trigger 150% surge in hotel prices and 80% spike in flight fares

Cricket enthusiasts and travellers, brace yourselves for soaring hotel and airline fares during the ICC Cricket World Cup 2023. According to a recent report by Jefferies, the upcoming World Cup is set to send hotel and flight prices skyrocketing, with average fare increases of 150% and 80%, respectively, on match days.

World Cup Coinciding with Seasonal Peak

The 46-day international cricket event, returning to India after a 12-year hiatus, is scheduled to take place from October 5 to November 19, 2023. Jefferies' report indicates that this coincides with the seasonally strong third quarter for the hospitality industry. The report scrutinized hotel and flight rates across venues hosting matches and revealed an eye-popping average fare hike of 150% for select hotels and 80% for flights compared to the week leading up to match day. Some rates have surged to an astonishing 13 times their standard prices.

Airlines Take Flight on Soaring Fares

Notably, airlines are not immune to this pricing frenzy. Travellers booking flights to attend the World Cup matches can anticipate a substantial 80% increase in fares. This surge in demand is expected to benefit the aviation sector as well.

Major Cities Feel the Heat, Smaller Cities Also Affected

The rush for accommodations has been intensified by the rapid sell-out of approximately 400,000 tournament tickets earlier this month, resulting in swift bookings of hotel rooms, even in smaller cities like Dharamsala. These accommodations are in high demand, serving players, support staff, cricket board officials, media personnel, and spectators alike. Even in bigger cities, hotel occupancies on match days are already at peak levels, prompting significant rate hikes.

Festival Season Meets Cricket Fever

Usually, the peak demand for airlines occurs during the festive season, while hotels see their demand surge in the latter half of December. However, the World Cup matches this year are defying this trend, keeping hotel demand robust for a more extended period. This unique convergence of cricket fervour and festival season is poised to benefit the hospitality industry across the board.

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