Kohli fan? What is the score? Shami is a real game-changer, isn't he? These are phrases being thrown around within the four walls of almost every house in India. Cricket truly is an emotion, having every single Indian hooked on the games, cheering for their country to take the cup home. Everyone is ecstatic to have any tournament hosted in their country, as this gives them a chance to go for these games and cheer their home team to victory. For the first time in cricket history, India will be hosting all 48 matches across ten different cities. Hosting the games also gives you the chance to watch other countries play live, which would not be the case usually. Now, hosting tournaments is rather fun for everyone to witness, but is entertainment the only factor in play? Let us dive in further and understand the impact these games have on our country's economy.
The cricket World Cup is a significant game changer in almost every realm of the Indian market. Let me lay out the scene for you. India vs Pakistan match which was played in Ahmedabad on Saturday. Now, this match is the most awaited in the entire season for some, even more than the finals because of the century-long rivalry between them. Folks from all over traveled to Ahmedabad for this match, with a record number of 35 million fans tuning in for the same. They booked hotel rooms, availed transportation to take them around, ate at restaurants, all in all, made a whole holiday out of it.
According to a report by Airbnb, accommodation searches in Ahmedabad had witnessed a 4,000 percent spike, primarily driven by the anticipation of the India-Pakistan match. Flight ticket prices have also shot up due to the increase in demand for the limited seats. IndiGo, a leading player in the Indian aviation sector, has reported a 20% increase in bookings for October and November compared to the same period last year. You can find the detailed report here (https://www.livemint.com/market/stock-market-news/as-india-hosts-cricket-world-cup-2023-these-sectors-to-get-a-leg-up-11698640012662.html). On the other hand, broadcasters and advertisers are spending large amounts on the Cricket World Cup 2023. Star Sports, the official broadcaster, has reportedly sold over 90% of its advertising inventory due to this tournament. There is also a pronounced increase in cricket merchandise being bought all over the country by 30% from dedicated cricket fans. Even at matches where India is not playing, there will be a cast of blue all over the stadium.
Hosting the World Cup has caused a ripple effect by putting multiple cities of India on the map as tourist destinations. India is a country rich in diverse cultures and customs, with no dearth of scenic beauty. Unfortunately, these qualities aren’t advertised to their fullest potential. People will be traveling all across and experiencing the beauty of the Indian subcontinent as a result of this tournament. If these tourists have a pleasant experience, they will consecutively put in a good word to their friends and family, encouraging them to visit, leading to a virtuous cycle that will cause a surge in tourism.
Indians love eating as well as sharing their scrumptious food with everyone. Any event you go to food will be the “main character”. This is upheld in the World Cup season as well. As per data from LSEG food delivery firm Zomato saw an increase in transacting users and transaction frequency, and shares have surged by 88% since the beginning of the year. Such events would be a blessing for a developing country like India as this would most certainly help the economy stay afloat.
Everything in consideration these matches are doing great for the Indian economy across multiple fields. The Indian team’s terrific performance and unrivaled success so far has given their fans great hope about the team lifting the trophy this year, the same way this tournament is lifting the economy. These circumstances might just be the boost needed for the Indian economy to make people live the “Indian dream.”
Picture Credits: Indian Express
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