World Cup 2023 on Indian Businesses
The ICC Cricket World Cup 2023 has arrived, and it promises not only thrilling cricket action but also significant financial opportunities for various sectors in India. As the country comes together to cheer for their favorite cricket team, businesses are gearing up to leverage this sporting fever, especially with the tournament coinciding with the festive season. In this blog, we will delve into how the World Cup is expected to positively influence numerous Indian industries.
Cricket's Pervasive Influence on India
Cricket is more than just a sport in India; it's a way of life. With a massive viewership and a dedicated fan base, cricket has become an integral part of the Indian culture. This fervor has translated into substantial financial investments. In fact, India's sports industry attracts significant sponsorship and media spending, amounting to a staggering $1.8 billion annually.
- Cricket alone accounts for 85% of the total sports spending.
- Cricketing events receive $900 million in media spending, constituting 8% of the country's overall advertising expenditure.
- The Board of Control for Cricket in India (BCCI) has experienced remarkable revenue growth, reaching $800 million in FY23.
The World Cup and Its Impact on Businesses
As the World Cup unfolds, various sectors in India are poised to benefit, while others may experience temporary setbacks. Let's explore the expected impacts on different industries.
1. Food Delivery Segment
2. QSR/Restaurants Segment
3. Alcoholic Beverages Segment
4. Movie/Theatres Segment
5. Theme Parks
6. Hotels Segment
7. Airlines Segment
Interglobe Aviation (Positive)
8. Apparel Retail/Brands Segment
9. Jewellery Segment
10. E-commerce Segment
Nykaa (Slightly Positive)
11. Media Arena
12. Gaming Segment
- The food delivery sector is expected to experience a boost in orders as cricket enthusiasts order in during match days.
- Alcoholic beverage companies are likely to see increased sales as people celebrate the matches.
- Hotels and airlines are poised for a profitable third quarter due to surging demand during the World Cup.
- Media and gaming companies should benefit from heightened viewership and engagement during the tournament.
- Movie theaters and theme parks may experience reduced footfalls on India match days.
- Some apparel retailers and jewelry brands may witness a slight negative impact as consumer spending shifts towards other forms of entertainment.
The ICC Cricket World Cup 2023 brings with it a wave of excitement and financial opportunities for Indian businesses. As the nation unites to support its cricket heroes, various sectors stand to benefit from the surge in consumer spending.
While there may be temporary setbacks in some areas, the overall impact is expected to be positive. As we enjoy the thrilling cricket action and festive celebrations, it's clear that the World Cup is not just a sporting event; it's an economic catalyst for India
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