ICC World Cup 2023 is expected to boost consumption in India by at least $1.6 billion, more than twice the combined economic impact of previous two editions of the event.
That will bolster demand in several key sectors. Companies from aviation, hospitality, food and beverage, media and advertising, and tourism industries are expected to gain the most.
That will bolster demand in several key sectors. Companies from aviation, hospitality, food and beverage, media and advertising, and tourism industries are expected to gain the most.
Aviation
Companies To Gain:
Airlines: InterGlobe Aviation Ltd., SpiceJet Ltd., and Air India.
Airports: GMR Airports Infrastructure Ltd. and Adani Enterprises Ltd.
Airport Services: DreamFolks Services Ltd.
Hosting the 2023 Cricket World Cup in India offers substantial prospects for both local airlines and airports.
“Flight prices, particularly around peak periods like the India vs Pakistan match, tend to rise significantly,” Nishant Pitti, chief executive office and co-founder of EaseMyTrip, told BQ Prime. “Searches for travel and tickets have increased by 46% during the India vs Pak match,” he said.
Surging passenger demand is translating into a spike in airfare for the 10 cities hosting the World Cup. “Flight prices for major destinations such as Ahmedabad, Mumbai, and Kolkata have experienced a surge of 40% to 60% in the past year,” said Pitti. “In other host cities, there have been increases of 20% to 30% in airfares.”
Airports nationwide are poised to experience an uptick in passenger traffic, resulting in augmented revenue from airport fees, duty-free shopping, and various ancillary services. Airport service providers such as DreamFolks Services Ltd. also stand to reap the benefits.
Domestic airlines such as InterGlobe Aviation Ltd., Air India, and SpiceJet Ltd., among others, stand to gain along with GMR Airports Infrastructure Ltd. and Adani Enterprises Ltd. GMR operates the Delhi and Hyderabad airports, while Adani Enterprises operates Mumbai, Ahmedabad, and Lucknow airports among the cities hosting the World Cup.
Hospitality
Companies To Gain: Indian Hotels Company Ltd., EIH Ltd., Chalet Hotels Ltd., ITC Hotels, Lemon Tree Hotels Ltd., and Samhi Hotels Ltd.
Hotels emerge as the chief beneficiaries of the World Cup fervour. The influx of tourists, both international and domestic, has generated substantial demand in host cities, pushing occupancy rates to nearly 100%. Media reports indicate an eight- to 15-fold surge in prices for bookings during high-stake matches like the India-Pakistan clash.
This surge in prices has led overseas-based Gujaratis, who usually come to India for their annual health check-ups, to try and combine it with overnight stays in Sannidhya Hospital around the dates of the India-Pakistan match, said Dr Paras Shah, director of Sannidhya Multi Speciality Hospital in Ahmedabad.
Many hotels have significantly raised their prices due to increased demand. “For example, the doubling of prices at the Taj Mahal Palace Hotel in Mumbai and the substantial increase at the Hyatt Regency Kolkata illustrate the impact on accommodation costs,” said Pitti.
Local hotel chains like Indian Hotels Co., EIH Ltd., Chalet Hotels Ltd., ITC Ltd., Lemon Tree Hotels Ltd., Asian Hotels Ltd., and Samhi Hotels Ltd., among others, are positioned to capitalise on the World Cup surge.
“As of October and November, we do believe that occupancy should stay stable and the rates should not only hold and actually even increase further in these months,” said Puneet Chhatwal, CEO of Indian Hotels.
Giridhar Sanjeevi, CFO of Indian Hotels, said, "Historically, we have always seen between Q2 and Q3, there has been about a 30% increase in terms of how the RevPAR (revenue per available room) moves."
He does not see a reason why the rates should not go up. "It is totally possible that the RevPAR growth will be a double-digit growth actually.”
Food And Beverages
Companies To Gain:
QSR: Jubilant FoodWorks Ltd., Devyani International Ltd., and Restaurants Brands Asia Ltd.
Food Aggregators: Swiggy and Zomato Ltd.
Beverages: Varun Beverages Ltd., United Breweries Ltd., United Spirits Ltd., and Radico Khaitan Ltd.
Quick Service Restaurants
Restaurants and fast food chains are set to experience a substantial increase in reservations, catering not only to tourists but also to the millions of Indians opting for food delivery. During the World Cup, demand for pizza and other fast food is likely to rise due to large group orders.
“Quick service restaurants and food tech companies may see a positive impact of 6% and 8%, respectively, from higher orders during the six weeks of the cricket world cup,” said Elara Capital in a note.
“When Suryakumar Yadav hit a century during the T20, our sales went up…cricket is one occasion where friends and families sit together and order a pizza,” said Sameer Khetarpal, CEO at Jubilant FoodWorks Ltd.
The Domino’s Pizza brand franchisee owner in India saw a 3% boost in same-store sales growth through 2019 and prior World Cups due to their best-in-class food delivery, according to Elara Capital. The company plans to capitalise on this World Cup demand with its recently introduced offering of in-stadium pizzas.
“But the (pizza) segment is highly fragmented now with many competitors in the fray, which may dampen prospects of a big advantage for Jubilant in this world cup,” added Elara. “This time, expect other categories—burgers, fried chicken, and biryani—to perform well, led by higher penetration of online aggregators, and likely replication of Jubilant’s delivery experience.”
Domino's and Pizza Hut have already cut prices and are offering budget-friendly deals.
Pizza Hut and KFC franchisee owner Devyani International and Burger King franchise owner Restaurant Brand Asia are expected to be other beneficiaries of the World Cup in the QSR space along with Varun Beverages Ltd., the bottler for PepsiCo Inc.
Food Aggregators
Food aggregators Zomato and Swiggy are poised to benefit with over 65% market share, according to Elara Capital.
“Match Day Mania, cherished by millions across 500+ Indian cities, will be in full swing, offering exclusive restaurant partnerships as fans enjoy the sport,” Sidharth Bhakoo, vice president and national business head at Swiggy, told BQ Prime.
“Through Dineout, we will help consumers discover restaurants screening live matches, elevating their world cup viewing experience. Anticipating a fantastic season, we will keep introducing exciting ways to engage with our users," he added.
Alcohol
The alcoholic beverages industry is also expected to see a boost in consumption, supported by the upcoming festive season. Bars and pubs are also expected to see better occupancy, positively impacting volume growth in the third quarter. Elara Capital estimates a positive impact of 4% and 6% for overall whiskey and beer volumes respectively in October-November due to the World Cup.
During the 2019 edition, Kingfisher beermaker United Breweries Ltd.'s volume grew 5.6% year-on-year in the World Cup quarter despite 4.2% decline in the fiscal. With the World Cup fever on a high as India hosts the tournament this year, volumes may push higher than normal for United Breweries and Diageo Group-owned United Spirits Ltd.
“In-home consumption has become far more normalised after Covid. I would imagine that there will be some uplift… but definitely, it is a very big celebration and social occasion,” said Hina Nagarajan, managing director and chief executive officer at United Spirits, the maker of McDowell's No.1 whisky.
Radico Khaitan, the maker of Rampur Whisky and 8PM Whisky, is also expected to benefit from an increase in in-house liquor consumption, along with institutional traction with restaurants organising live screening of matches, said Sharekhan.
Media And Advertising
Company To Gain: Disney Star.
Just as fans will revel over their favourite teams' victories, so too will Disney Star, the official holder of the broadcast and digital media rights for the tournament.
"The ICC Cricket World Cup stands as the biggest opportunity for marketers during this festive season, offering a crucial platform to leave a lasting impression on consumers," Ajit Varghese, head of network advertising sales at Disney Star, told BQ Prime. "We are witnessing an upturn in macroeconomic conditions, with brands from various sectors wanting to associate with the world cup."
The reaction from advertisers has also been "extraordinary," indicating a strong desire to leverage the festive season, riding the wave of favourable consumer sentiment, according to him. "Brands from diverse categories recognise the power this tournament brings on the table and are eager to make investments in this space."
While Varghese didn't reveal the financial specifics of the agreements, advertising agencies anticipate Disney Star to accumulate Rs 4,000 crore in advertising sales, establishing a fresh record.
Historically, the World Cup is a bonanza for broadcasters, with advertisers clamouring to pay as high as Rs 20 lakh for a 10-second slot during India-Pakistan matches. This time, they said, the brands are earmarking extra budget, because the tournament coincides with the festive season. A few big advertisers, according to industry executives, are willing to shell out Rs 150 crore.
"(Disney) Star aside, the hype around the world cup could bring in Rs 2,000 crore to other media platforms including newspapers, news channels, outdoors, experiential, social and digital on cricket-themed ads, on a cumulative basis, based on a back-of-the-envelope calculation," said Sandeep Goyal, chairman of Rediffusion Brand Solutions Pvt.
Tourism
Companies To Gain: Easy Trip Planners Ltd., Yatra Online Ltd., and Cleartrip Pvt.
From Agra’s Taj Mahal to Goa’s beaches, tourists will be flocking India’s hotspots in huge numbers as the World Cup coincides with the festive season.
“That (World Cup) definitely is a huge boost to domestic tourism at this time,” said Shringi of Yatra Online.
EaseMyTrip’s Pitti said they have observed an overall twofold increase in the volume of visitors to the company's website for packages during October and November. “This surge can be directly attributed to the heightened demand for travel arrangements stemming from the excitement and requirements associated with the World Cup.”
Travel agencies are experiencing a spike in package rates, driven by demand surrounding the World Cup and festive season. "We are seeing an increase in segment size (fares) in the upcoming month," said Gaurav Patwari, vice president-air category at Cleartrip. On an average, Cleartrip is experiencing an increase of 1.1 times in package fares between Sept. 25 and Oct. 29.
The World Cup is expected to boost third-quarter performance for travel agencies. “We hold a positive outlook for the third quarter... anticipating robust performance. We expect it to be our strongest quarter yet,” said Pitti.
The demand for niche tourist packages are also on a rise. “With the World Cup happening in India, sports tourism has seen tremendous growth and we anticipate this to have a lasting effect on the travel industry in India,” said Pitti.
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