Visa, the Official Payment Technology Partner of the Olympic and Paralympic Games, has released new data highlighting a significant boost in consumer spending during the opening weekend of the Paris 2024 Olympic Games. The global leader in digital payments has identified a positive impact on commerce in Paris, driven by the influx of visitors and heightened activity surrounding the event.
Key findings from Visa’s report include:
- Small Business Growth: Small businesses in Paris experienced a 26% year-on-year increase in sales from Visa cardholders during the first weekend of the Olympic Games.
- Sector-Specific Spending: Theatres and museums saw the most significant rise in spending, with a 159% increase. Other notable increases were in food and grocery (+42%), restaurants (+36%), retail goods (+21%), and entertainment (+18%).
- International Spending: U.S. Visa cardholders contributed the largest share of overseas spending in Paris, accounting for 29%. There were also substantial year-on-year increases in spending from Brazilian (+33%) and Japanese (+129%) Visa cardholders.
- Contactless Payments: A remarkable 78% of international purchases in Paris were made using contactless payments, marking a 9% increase from the previous year.
- Travel Trends: Flight bookings to Paris surged by 39% in the lead-up to the Games compared to the same period in 2023. Notably, travel by those under the age of 35 grew by 120% year-on-year.
- Increased International Arrivals: The U.S. led the way with a 64% increase in visitors, followed by Germany (+61%) and Spain (+27%).
- Spending Beyond Paris: Cities hosting Olympic events outside Paris also saw significant spending increases, with Saint-Etienne up by 214%, Lille by 100%, and Marseille by 38%.
Charlotte Hogg, Chief Executive Officer of Visa Europe, commented on the findings, stating, “As a sponsor of the Olympic Movement for nearly 40 years and the Paralympic Games since 2002, we understand the positive economic impact the Games can have on host countries. Our data from the opening weekend of Paris 2024 shows a substantial increase in consumer spending, particularly among Visa cardholders.”
Hogg also highlighted the success of French small businesses, noting that Visa’s efforts to digitize 13 million small businesses across Europe over the last four years have paid off. The Visa Go app has been instrumental in connecting these businesses with spectators, driving increased engagement.
The data also reveals a growing interest among younger travelers, underscoring the Games’ relevance to future generations. “The increased engagement of younger generations in travel data is an exciting finding and speaks to the enduring appeal of the Olympic Games,” Hogg added.
Visa’s role in providing payment systems for the Olympic and Paralympic Games involves a complex, venue-specific plan and large-scale operations. In collaboration with the Organising Committee, Visa has established a custom payment network across Paris and beyond, ensuring seamless contactless payments at 3,500 points of sale across 32 Olympic venues and 16 Paralympic venues.
