Besides the huge money that the International Cricket Council (ICC) will make from the Men's Cricket World Cup, businesses in India are also set to gain from the matches. The much-awaited ICC Cricket World has returned to India after 12 years and cricket fans in the country are brimming with excitement, report agencies.
The Cricket World Cup will add to the festive cheer in the economy this quarter, lifting growth as cricket lovers get set to spend big on select goods and a host of services, economists said.
Zomato, a food delivery giant, exemplifies this optimism, with its shares reaching a 52-week high just days before the ICC ODI World Cup kickoff.
It is not just about Zomato, but various sectors await a boost. They await or perhaps are already enjoying a turnaround. The economy too would naturally gain as consumption shoots, and companies hope for topline growth. A report by BQ Prime forecasts the World Cup.
However, India Inc. has another elixir this time, and that is the ICC World Cup 2023, which is likely to give a mega boost to discretionary spending and consumption in Asia's third largest economy. It is the opportunity for brands too to showcase themselves and drive sales. Industry sources say the World Cup on Disney Star's digital and TV platform will reach 800 million audiences this time.
Disney Star, the official broadcast and digital media rights holder for the ICC Men's World Cup 2023, is projected to hit a revenue home run, with a record-breaking INR 40 billion (4,000 crore) in advertising revenue expected as India prepares to host the prestigious tournament.
Economists at the Bank of Baroda estimated that this World Cup will boost India's economy by as much as $2.4 billion.
Madan Sabnavis, chief economist at Bank of Baroda, estimates World Cup-induced consumer spending to be INR 180 billion - 220 billion (18,000-22,000 crore) in hard currency. This will yield INR 70 billion -80 billion (7,000-8,000 crore) in gross value added (GVA) to the economy.
According to economists, the event, which is being hosted in India for the first time since 2011, also coincides with the three-month festive season. Consequently, the even and festive season will benefit the retail sector and people are likely to make "sentimental purchases of merchandise".
Further, the economists expect total Indian viewership for the tournament, including both on television and streaming platforms, to be far larger than the 552 million seen in 2019. The viewership may generate INR 105 billion to INR 120 billion in TV rights and sponsorship revenue "on a conservative basis".
The economist at the bank of Baroda also predicted that the ICC Cricket World Cup may also cause inflation. This is because airline tickets and hotel rentals have surged for the period, and service charges in the informal sector in the 10 host cities could show substantial increases on top of the festive-season impact.
Overall, inflation may rise between 0.15 per cent and 0.25 per cent for October and November.
The big cricket tournament will also support government coffers through increased tax collections on ticket sales, goods and services taxes on hotels, restaurants, and food delivery, giving the country additional fiscal space, economists said.
In 2019, when the UK hosted the Cricket World Cup, 20 per cent of attendees came from outside and 85 percent ticket buyers came from out of the city, according to an ICC report.
The 2019 World Cup in the UK had generated almost Rs. 36 billion (3,600 crore) of economic impact through additional money spent in the host economy by event visitors and organisers as well as business-to-business supplier contracts and broader consumer spend.
London, also the home to the Mecca of Cricket, Lord's, hosted 11 matches including the final and attracted the most direct economic impact of almost Rs. 13 billion (1,300 crore), while semi-final venues Manchester and Birmingham attracted a direct economic impact of Rs 3.7 billion (370 crore) and Rs. 3 billion (300 crore) respectively.
Even in a very small city, Taunton which hosted only three matches, the World Cup made an economic contribution of Rs. 820 million (82 crore).
Last time, India hosted a 50 over World Cup was 2011, and they won. Each of the last three winners have been the hosts. Host India will start their World Cup campaign at the MA Chidambaram Stadium in Chennai against Australia on October 08 (Sunday).
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