Economic impact of World Cup hosting

Hosting World Cup matches in Toronto has resulted in a marginal economic impact, according to recent data. While international tourist spending has seen an increase in certain categories, overall spending, including that of locals and domestic tourists, has only slightly surpassed the rate of inflation. This assessment comes from data released by payments processing company Moneris.

Victor Matheson, an economist specializing in the sports industry’s economic impact, suggests that the presence of foreign tourists may have displaced regular visitors. This displacement could mean that the economic benefits of hosting six World Cup games have been minimal. Matheson, a professor of economics at College of the Holy Cross, noted that the best-case scenario is that domestic tourism and business travelers are displaced to later in the year. The worst-case scenario, he explained, is that overall spending is pretty much a wash, making the hosting an expensive endeavour for Toronto and Vancouver.

Moneris data from June 12 to June 26 indicates that total spending at Toronto bars and restaurants increased by three percent compared to the same period last year (June 13 to June 17, 2025). Spending by foreign tourists, identified by foreign-issued credit and debit cards, at these establishments rose by 34 percent. Overall spending also saw increases in groceries, mass merchandisers, and hotels, but a decrease in apparel.

Hotel occupancy data from the Greater Toronto Hotel Association showed that for the week ending June 20, occupancy was 72 percent, a decrease from 88 percent in the same week the previous year.

Comparison to other major events

The economic impact of the World Cup in Toronto has been less significant compared to other major events, such as Taylor Swift’s Eras Tour. Sean McCormick, Moneris’s vice president of business development and data services, noted that the Eras Tour led to 90 percent increases in apparel sales and substantial rises at bars and restaurants. McCormick described Taylor Swift as a phenomenon, contrasting it with a Panama versus Ghana match.

Despite many downtown bars and restaurants being busy during World Cup games, the head of Restaurants Canada, Kelly Higginson, questioned whether the city’s role as a host provided a significant boost. Higginson pointed out that on game days, some downtown businesses, particularly those without a sports focus, experienced a decline in their usual traffic due to office closures, and did not attract enough soccer fans to compensate.

Some businesses that were busy during games would likely have been busy regardless of where the games were played, according to Higginson. Many restaurants and bars showing games are busy even when matches are held in Mexico or the U.S., which are co-hosting the 2026 World Cup alongside Canada.

Pedro Antunes, chief economist at Signal 49 Research, offered a more optimistic view, suggesting that foreign spending might have helped stabilize spending in some categories. Antunes acknowledged the possibility of crowding out but noted that the Canadian economy had been weak before the World Cup, with Canada’s opener against Bosnia and Herzegovina on June 12.

Business sentiment and expectations

Studies on the economic impact of large football tournaments have yielded mixed results, with some showing no increase and others indicating up to a three percent rise in consumer spending. Economists suggest that increased spending on World Cup tickets, merchandise, and services might lead to reduced spending on other goods, assuming household budgets remain constant. An overall increase in consumption would require income growth driven by demand for services supporting World Cup activities.

Research from Germany’s Ifo Institute for Economic Research, conducted by Jonas Hennrich and Klaus Wohlrabe, examined the impact of football championships on business sentiment and expectations. Their study, covering eight World Cups and nine European Cups from 1991 to 2024, found that business sentiment does not change in the months surrounding a tournament. However, expectations do.

In the six months leading up to a tournament, expectations tend to be slightly more pessimistic, as companies have not yet factored in the event’s impact. This includes host countries, which incur most of the costs and disruptions. Two months before the event, expectations improve, with predictions of a better economy. This effect is short-lived, with expectations returning to their original level six months after the tournament.

European Cup events have shown a stronger effect on European businesses than World Cups, with improvements in both current sentiment and expectations. These responses are more pronounced for manufacturing firms compared to those in trade or services. The largest jump in expectations occurred when Germany hosted the 2006 World Cup and when it won the 2014 World Cup, despite that event taking place in Brazil. The study’s findings suggest that while firms’ assessments of their current business situations rarely respond to tournaments, expectations can improve for a period after the event, as seen with Canada’s elimination game against Morocco.

Source: thestar.com

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Toronto is hosting its sixth and final match of the 2026 FIFA World Cup today, featuring a historic contest between Portugal and Croatia. The game, which kicks off at 7:00 PM ET, is being held at BMO Field.

This matchup could mark the final World Cup appearance for two prominent soccer figures. Portugal captain Cristiano Ronaldo, who plays his club soccer for Al-Nassr, has indicated that this will be his last World Cup. Croatia‘s Luka Modrić is also reportedly considering retirement after this tournament.

Ronaldo, who has previously played for Sporting CP, Manchester United, Real Madrid, and Juventus, is the only player in history to score in six different World Cups, having made his debut in 2006. Modrić is appearing in his fifth World Cup.

Portugal, ranked eighth globally by FIFA, is considered the favourite for tonight’s game, while Croatia is ranked 13th. Croatia has a strong recent World Cup history, finishing runner-up in 2018 and third in 2022.

Fan Gatherings and Road Closures

Excitement for the match has led to significant fan activity across Toronto. Thousands of Portugal supporters gathered in Stanley Park ahead of an official fan march scheduled for 4 p.m. The march proceeded from Stanley Park to Coronation Park, with fans painting the streets red and green.

Road closures are in effect to manage the large crowds. King Street West and Strachan Avenue were closed during the march. Additionally, Bremner Boulevard between Lower Simcoe and York streets, and Grand Truck Crescent between Lower Simcoe Street and Bremner Boulevard, were closed due to pedestrian traffic around the Portugal team hotel. Fans were seen outside the hotel hoping to catch a glimpse of Ronaldo and the team.

The city has also closed several major roads surrounding Toronto Stadium and the FIFA Fan Festival. Lake Shore Boulevard is shut down from British Columbia Road to Bathurst Street, and all streets between Lake Shore and the Gardiner Expressway from Dufferin to Bathurst are also closed. Strachan Avenue and Dufferin Street are also affected, with closures expected to lift at midnight.

Impact of Extreme Heat

Due to extreme heat conditions, the City of Toronto cancelled its FIFA World Cup broadcast at Nathan Phillips Square for today. Environment Canada issued an orange heat warning for the city, with maximum temperatures expected between 34 and 37 C.

The cancellation was made to safely manage large crowds at fan marches, Toronto Stadium, and the FIFA Fan Festival Toronto, given the resources required in such conditions. Despite the cancellation of the public broadcast, establishments in Little Portugal on Dundas Street West are showing the game.

Organizers of the FIFA Toronto Fan Festival are providing tips for attendees to manage the heat, including bringing plastic water bottles for refilling at water stations and utilizing misting stations. Medical staff are also on site.

Match Expectations and Predictions

Portugal manager Roberto Martinez noted the familiarity between the two teams, stating, “Croatia is a team we know very well. They also know our strengths and our talent, so it will be a competitive match.”

Some fans, like Fabio and Nicholas, drove hours from Leamington, Ont., just to experience the atmosphere, despite not having tickets to the match itself. They expressed hope for a Portugal victory.

Predictions from various sources suggest a close contest. Some anticipate a Portugal win, while others believe Croatia could prevail, potentially in a penalty shootout. The match will be broadcast live on TSN.ca and the TSN App.

Source: cp24.com

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