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The Economic Impact of the 2024 ICC Men’s T20 Cricket World Cup

Barbados successfully hosted its third ICC Men’s Cricket World Cup (CWC) in June 2024. The event included five group-stage matches, three Super-8 matches, and the finals between India and South Africa. This high-profile event brought a surge of visitors from beyond Barbados' traditional tourism markets. Extensive renovations at Kensington Oval and upgrades to three designated fan zones – Oistins, Pelican Village, and Haymans Market – were undertaken to enhance the visitor experience. These investments are expected to benefit both locals and visitors for years to come.

The World Cup led to the highest increase in visitor arrivals for the month of June, excluding the pandemic recovery period. The heightened tourism demand was met by an expansion in airlift seating capacity, which saw an additional 17,807 seats (a 24 percent increase compared to the same period in 2023). This resulted in tourist load factors expanding to 53.5 percent, 4.2 percentage points higher than the previous period. Long-stay tourist arrivals totalled an estimated 49,316 for June 2024, a 34.5 percent increase over June 2023, marking the largest percentage increase on record for June outside of the pandemic recovery periods in 2021 and 2022. 

Twenty teams participated in the ICC Men’s T20 Cricket World Cup, with tourists from 19 of these nations visiting Barbados in June (the exception being Papua New Guinea). The CWC is estimated to be responsible for 78.5 percent of this increase in tourist arrivals, equating to an additional 9,932 tourists. The highest tourist arrivals came from the dominant big four source markets for Barbados: the US, UK, Canada, and CARICOM. Outside the traditional markets, India contributed the largest number of visitors, with an estimated 801 visitors attending the cricket event. 

Table 1: June Tourist Arrivals

Country

Jun-23

Jun-24

Change (Jun-23 vs Jun-24)

% Change (Jun-23 vs Jun-24)

Estimated CWC Arrivals

United States

  15,326 

  22,596 

    7,270 

         47.4 

        3,924 

United Kingdom

    8,922 

  10,366 

    1,444 

         16.2 

        2,077 

Canada

    2,778 

    4,171 

    1,393 

         50.1 

        1,371 

CARICOM

    7,091 

    7,562 

      471 

          6.6 

        1,017 

India

        76 

      877 

      801 

      1,053.9 

          801 

Australia

        66 

      444 

      378 

        572.7 

          378 

South Africa

        21 

      131 

      110 

        523.8 

          110 

New Zealand

        33 

      105 

        72 

        218.2 

            72 

Other

    2,357 

    3,064 

      707 

         30.0 

          182 

Total

  36,670 

  49,316 

  12,646 

           34.5 

          9,932 

Source: Barbados Statistical Service and Central Bank Estimates

The surge in tourist arrivals significantly impacted hotels and the sharing economy. Hotel occupancy rates grew by 9.6 percentage points compared to June 2023, moving from 45.3 percent to 54.8 percent in June 2024. Hotel revenue per available room (RevPAR) also saw a significant year-on-year increase of 63.3 percent, while occupancy within the sharing economy expanded by 7.7 percentage points.

Barbados has reaped substantial benefits from hosting the 2024 ICC Men’s T20 Cricket World Cup, particularly in the hotel and accommodation sectors. The influx of international cricket fans led to higher airlift capacity, increased hotel occupancy rates, and expanded revenue for the hospitality sector. The sharing economy also registered notable growth. Beyond immediate economic gains, the marketing and global viewership of the World Cup have provided valuable exposure to the country. This exposure will aid in attracting future visitors and investments, enhancing the island's international visibility and reinforcing its reputation as a premier destination for sports tourism and a capable host for major international events.