- Economic Impact Assessment for the ICC Men’s T20 World Cup 2024.
BRIDGETOWN, Barbados – The recent Economic Impact Assessment underscores the government’s commitment to sports, highlighting cricket’s significant cultural importance for Barbadians. Notably, Barbados contributed 26 percent to the overall economic impact of the Cricket World Cup, emphasizing its crucial role in the event’s success.
The substantial investment of nearly $430 million in facility upgrades, particularly at Kensington and other venues, has proven to be a wise allocation of resources. Despite the United States hosting three venues, Barbados’s higher percentage impact showcases its exceptional performance in comparison.
Visitors significantly contributed to the local economy, with impressive expenditures observed across sectors like accommodation, beverages, transportation, and retail. For instance, transportation alone garnered estimations of $15.1 million, benefiting local taxi operators and coaches as approximately 60,000 visitors chose Barbados as their destination during the tournament.
With food and beverage spending nearing $23 million, the thriving hospitality sector witnessed increased consumption, bolstering local businesses and manufacturing within the industry. Observations revealed busy venues like Oistins, further affirming the positive financial outcomes of the event.
Interestingly, 41 percent of attendees were first-time visitors, translating to about 25,000 individuals discovering Barbados for the first time during the World Cup. This statistic presents a unique opportunity to encourage return visits through future cricketing events and promotional strategies via the local tourism agency.
Looking ahead, maximizing the benefits of the facility investments at Kensington Oval is essential. The venue’s upgrades should enhance its self-sufficiency, enabling it to host various sporting events and maintain high standards, ultimately fostering pride among Barbadians in the success of the 2024 ICC T20 Men’s World Cup.
