 "ICC World Cup 2023: Local biz saw 400% hike in spending by foreign tourists")
During the ICC Men's Cricket World Cup last month, the Indian economy saw a boost as local businesses such as restaurants and hotels registered a 400 per cent increase in spending by foreign tourists, the Mastercard Economics Institute report showed.
The 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."
It further read, "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 that quick-service restaurants in cities which hosted the World Cup matches saw an increase of over 300 per cent in spending by foreign tourists, or "cross-border spends", for three key matches — India vs Pakistan, India vs England and the final clash between India and Australia — compared to regular days.
For studying the expenditure done in cross-border spends, the report surveyed tourists from the UK, Australia, New Zealand, Bangladesh, Afghanistan, Netherlands, Sri Lanka, South Africa, the UAE and Singapore.
Gautam Aggarwal, division president of South Asia at Mastercard, said, "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."