Toronto's World Cup hosting: Modest economic boost, but not the hoped-for goal

Toronto's hosting of six World Cup matches over four weeks generated excitement but a modest economic return, according to new data. The city, province, and federal government collectively spent $380 million on the event, which was projected to attract over 300,000 international travelers.

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We’ve seen, obviously, an influx of business, the games have been very busy, selling a lot of beer.

For some local businesses, the World Cup brought a noticeable increase in customers. Rocco Mastrangelo, co-owner of Cafe Diplomatico in Little Italy, reported an "influx of business" and "selling a lot of beer." He noted that the games, played in North American time zones, helped fill business voids during typically slower periods, maximizing revenue. However, he also stated that outside of these specific times, the impact was similar to other major soccer tournaments like Copa America or the Euro Cup.

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It’s hard to tell of an increase in sales, but definitely we’ve seen where we have a void to fill, like on a… today at 3 p.m. on a Monday afternoon it definitely fills the void and we’re going to maximize our revenue.

Data from payment processing company Moneris revealed a modest boost in city spending between June 12 and 26. Hotels saw an 18% increase in total spending compared to the previous year. Restaurants and bars experienced a 3% rise, while sales at big box and grocery stores increased by 4% and 6% respectively. Apparel sales, however, declined by 5%.

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That shows the tourists are here, they’re going out, they’re dining out, they’re going out for drinks whether it’s before or after the game, they’re excited to celebrate.

Spending by foreign-issued credit cards showed a more significant impact, with international visitors spending up to 34% more at restaurants and bars and 19% more on groceries. Hotel spending by tourists saw a smaller 7% increase. Emily Abrahams, Moneris' external communications manager, highlighted this as evidence of tourists actively dining out and celebrating. In comparison, the Taylor Swift Eras Tour generated a 12% boost for restaurants and a 49% increase for apparel, with overall spending across all categories rising by 45%.

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It was a huge cultural phenomenon and that was something that echoed, reverberated across the world.