FIFA is set to make more than $9 billion in revenue this year, largely boosted by the largest World Cup in history, won by Spain on Sunday after beating Argentina 1-0 in extra time.
CNBC detailed that the World Cup has been the most lucrative sports event in history, driven by a historic expansion from 32 to 48 teams.
The increase means 104 games were played instead of the 64 that took place over the past editions, with the tournament lasting six weeks rather than four. That means more TV rights sold to broadcasters, more tickets and more spending from fans in Mexico, Canada and the U.S.
FIFA head Gianni Infantino, who has been the driving force of the body’s push to commercialize the event more, has floated the idea to expand the tournament to 64 teams in the next edition, which will take place in 2030.
In the U.S., the World Cup delivered a lift to businesses in several host cities, with hotels, bars and restaurants reporting stronger traffic as millions of fans traveled across North America for the tournament.
At the same time, broader signs of consumer caution persisted across the country, as households continued to cut discretionary spending amid higher costs and lingering economic uncertainty.
The mixed picture could be seen in the Federal Reserve’s latest Beige Book, last released Wednesday, which provides a snapshot of economic conditions across the central bank’s 12 districts. The report found that while the tournament boosted activity in select markets, overall economic growth in the United States increased only slightly since late May. CNBC reported that businesses in several districts said consumers were increasingly opting for lower-priced goods and services.
In the meantime, consumers continue to grapple with elevated energy costs following recent geopolitical tensions in the Middle East. Oil prices climbed sharply during the Israel-Iran conflict earlier this summer before easing in recent weeks, increasing costs for transportation, travel and household budgets, according to Reuters.
Boston was among the cities that saw a noticeable World Cup-related impact. The Federal Reserve Bank of Boston said hotel bookings tied to the tournament were initially softer than expected, but occupancy levels eventually met forecasts after hotels lowered room rates.
Bars in the city also benefited from the influx of visitors. Several establishments reported higher beer sales during the tournament, while some reportedly ran out of stock when Scottish fans descended on Boston, according to the Beige Book and cited by CNBC.
In New York City, restaurants and bars hosting World Cup watch parties described sales as “strong,” while hotels reported higher occupancy rates and increased room prices during the event, according to the Federal Reserve Bank of New York.
Not every business benefited from the surge in visitors. The New York Fed said some mid-tier attractions continued to experience softer demand, while one department store reported that increased foot traffic linked to the tournament did not translate into higher sales.
On the West Coast, cities tracked by the Federal Reserve Bank of San Francisco reported elevated tourist volumes during the World Cup. Outside those host markets, however, businesses noted weaker spending on restaurants, hotels and entertainment.