The 2023 ICC Men's Cricket World Cup, which took place in India from October 5 to November 19, has proven to be a substantial economic driver, yielding a total economic impact of ₹11,637 crore (approximately $1.39 billion). This figure, as reported by the International Cricket Council (ICC), highlights the tournament's significant contribution to growth across various sectors within the Indian economy.

According to the ICC's Economic Impact Assessment conducted by Nielsen, the event attracted a remarkable 1.25 million spectators and facilitated the creation of over 48,000 jobs. The tournament was hosted in ten major cities: Ahmedabad, Bengaluru, Chennai, Delhi, Dharamsala, Hyderabad, Kolkata, Lucknow, Mumbai, and Pune. Each town played a vital role in enhancing local businesses and boosting the tourism industry.

Key Contributions

Tourism Revenue: The World Cup had a considerable positive effect on tourism, generating approximately $861.4 million from accommodation, travel, food, and beverage services. This surge was partly attributed to the influx of international visitors, with nearly 19% attending their first match in India. The total contribution from international tourists was around $281.2 million.

Job Creation: The event was pivotal in generating over 48,000 full-time and part-time positions, particularly within the hospitality and event management sectors. This job creation resulted in an additional economic value of $18 million.

Cricket World Cup
Image Source: Wikipedia

Incremental Spending: The secondary expenditures associated with the event amounted to approximately $515.7 million, constituting 37% of the overall economic impact. This figure encompasses the spending by visitors on a variety of local services and products.

Media Exposure: The tournament significantly enhanced the media visibility of the host cities, generating an estimated value of $70.7 million through branding and promotional efforts linked to the event.

The World Cup drew a varied audience, with nearly 75% of attendees witnessing a men's 50-over World Cup match for the first time. According to the ICC, 73% of local participants believed that hosting the World Cup had a favorable effect on India's international reputation. Furthermore, 68% of international visitors indicated their willingness to recommend India as a travel destination to their friends and family.

The ICC's report indicates that the economic advantages of hosting the World Cup will likely extend beyond immediate financial returns. Approximately 59% of international attendees expressed a strong likelihood of returning to India in the future, which could further bolster the nation's tourism and hospitality industries.

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