World Cup 2023, Durga Puja driving surge in hotel, airlines fares in India: Jefferies
RedboxGlobal India on 27 September. Apart from the World Cup 2023, the tenure also coincides with the seasonally strong 3Q for the hospitality industry and the same is likely to benefit both hotels and airlines sectors (including IHCL, and Indigo) in 3Q, said the firm. In the 46 days, 48 matches will take place in 10 different cities in India, where 10 countries are participating.
Between 5 October to 19 November, 5 matches each will be held in Ahmedabad, Bengaluru, Chennai, Delhi, Dharamsala, Kolkata, Lucknow, Mumbai, and Pune, and 3 matches in Hyderabad. Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here According to Jefferies the hotel and flight rates across the venues for matches featuring India are up on average by 150 percent for selective hotels, while 80 percent for selective flights, compared to the week before match day with some rates up to the extent of 13x and 5x respectively. For non-India match days, fare escalation is lower vs.
normal days, the report added. ALSO READ: ICC World Cup 2023: Pakistan team gets visa 48 hours before travel, cleared to enter India Also, as mentioned earlier, the big sporting event is coinciding with a seasonally strong 3Q for the hospitality industry. While one can see major cities seeing very significant increases in hotel rates, in small cities like Dharamshala hotel rooms are completely sold out.
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