Mastercard’s aggregated and anonymized data has revealed that the hospitality industries in India were the standout beneficiaries during the extended cricket festival. Cricket enthusiasts from around the world gathered to cheer for their respective teams, creating a positive ripple effect on the country’s economy. The ICC World Cup in India presented a tremendous opportunity for industries across sectors, with the accommodation and food industries emerging as the primary beneficiaries. From small businesses to luxury accommodations and fine dining restaurants, the multiplier effect of the ICC World Cup on the Indian economy was significant, underscoring the broader impact of sporting and cultural events on national and local economies. Gautam Aggarwal, Division President, South Asia at Mastercard, emphasised the impact beyond the stadium, stating, “This report by the Mastercard Economics Institute examines the surge in cross-border and domestic spending by fans on travel, food, and hotels. For a robust economy with strong fundamentals, tournaments like these can act as a booster shot, as they go on to energise small businesses that power the local economy.” In-person cross-border spending on fast-food joints experienced a substantial boost. Domestic spending on online food delivery witnessed a notable increase, benefiting local eateries and mom-and-pop stores. Incremental spend of INR 23 million during the three key matches, reflecting a growth of 36 per cent compared to the same days in the previous weeks. Cross-border in-person restaurant spends during India vs. Pakistan increased by a remarkable ~400 per cent. Also, the India vs. England match saw cross-border spends across hotels and dining out surge by more than 600 per cent. During key matches, fast-food joints experienced an average increase in in-person cross-border spend of more than 300 per cent. The Mastercard Economics Institute’s (MEI) report, titled ‘ICC Cricket World Cup: A boost to India’s Economy,’ provides a comprehensive overview of the economic impact, showcasing the resilience and adaptability of the Indian economy in the face of global sporting events.

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