From FIFA world cup to the Olympics, from super Bowl to Tour the france, sporting events produce not only rhythms of thrills and excitement, but unite people from diverse cultures and origins in a common passion.
Beyond the thrill of the victory and regret of the loss, sporting events also have a profound impact on the economic landscape of the cities, regions and even the countries they are held.
In this article, we take a deep dive into the economic and social impact of major sporting events and explore the various ways they transform cities and regions that host them.
The financial Investment
Guess how much Qatar spent on the 2022 FIFA World Cup? Ready to be shocked? A staggering 220 billion dollars according to officials.
To host a major sporting event and accommodate the fans, cities and regions undertake substantial financial investments. These include making stadiums and upgrading existing stadiums, hotels and hospitality infrastructures, efficient transportation systems, and security infrastructure to make the sporting event a smooth and fun experience for the fans.
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You have seen it, right? Most likely been a part of it, if you are a sport enthusiast, sporting leagues and cups bring a massive influx of visitors to the city. To ensure smooth and efficient movement of athletes, officials and spectators, cities undertake massive transport infrastructure: airport, roads, railway and public transit. Not only do they produce a great sport experience but also is a public asset to the local community after the event is over.
Hotels and Restaurants
Similarly, the hospitality industry is another place that undergoes major overhaul. Those fans need to eat. Right? And more importantly, sleep after a hectic and tiresome day.A mosaic of diverse foods and menus with expert chefs make way to the town and also the hotel buildings are upgraded.
In the same way, to meet the criteria of official bodies and to enhance the aesthetic and sporting experience, stadiums are upgraded and renovated.
You guessed it. That amount of transformation of a city requires a huge workforce. In the time leading up to and during the event, a huge surge of employment opportunities is created. Jobs in various sectors, such as construction, hospitality, tourism and event management are created. This produces immense benefits and opportunities for local people to get employed and earn.
Local Businesses and Industries
Fans are avid spenders and spend huge bucks to enhance their experience. The incoming visitors are potential spenders and customers. This large influx of visitors creates demand for local products and services. Prices skyrocket and local businesses and brands get not only a boost in profits but also exposure and recognition.
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Have you seen a major sporting event from up close? Thousands of visitors swarm into a city, usually with bellied wallets, non savvy attitude and starving to immerse in what pleasures the host city has to offer. This leads to a substantial increase in hotel bookings, restaurant visits and retail sales. This generates a massive revenue for hotels, retail stores and tourist destinations. This influx of capital contributes to the overall economic vitality of the area.
Arts and Sports: A symbiotic relationship
Care to know how they begin a major sporting event? With a mighty show of music by international and local artists. This is done so to increase the aesthetic appeal and engagement of the sporting event.Arts particularly music and sports go hand in hand. Artists, local and global, head to the city of major events to perform and also to connect with fans. Singers and Musicians especially pop genres share the fan demographic with sports and athletes.
That huge public infrastructure comes with a price, you know? Government needs funds to invest in public infrastructure and for the smooth running of the country and city.
Sporting events, through the huge spendings and the utilities of services and amenities collect massive taxes. This is one of the reasons countries strive to get the hosting rights of events such as the FIFA World Cup and Olympic Games.
Major leagues, trophies and championships bring a staggering influx of sport enthusiasts to the hosting city. Huge infrastructure transformation of the city is undertaken to accommodate the needs of these visitors. Besides such massive investments, increased spendings by the visitors, athletes and officials boost the revenues of local businesses and tourist destinations. Such events change the whole landscape of the city for the better.