The Olympic Games Paris 2024 proved to be more than just a sporting spectacle; it was a catalyst for economic growth and the acceleration of digital payments across Europe. Visa, the official payment technology partner of the Olympic and Paralympic Games, released data revealing a substantial increase in spending by visitors from Asia Pacific countries during the Games.
The data showcases the economic impact of the Games on France and beyond, highlighting key trends such as the increased use of contactless payments, a surge in spending at small businesses, and a rise in travel to other European destinations.
Asia Pacific Spending Soars
Cardholders from Asia Pacific countries, including Mainland China, Japan, Australia, Hong Kong, and Singapore, significantly increased their spending in France during the Games. Australia led the way with an impressive over 100% increase in spending compared to the previous year, followed by Mainland China with an over 80% increase and Hong Kong with over 70%.
Within France, the highest daily spend came from Hong Kong visitors, averaging over $230 per day, followed by Singapore ($160) and Mainland China ($140). These figures underscore the substantial economic impact of the Games on France, particularly in the hospitality and retail sectors.
Contactless Payments Take Center Stage
The data also revealed a significant shift towards digital payments. Asia Pacific cardholders made twice the number of contactless purchases compared to the previous year’s average. Over 80% of total visitors used contactless payments, demonstrating a growing trend towards digital payment methods. This shift towards digital payments is indicative of the growing trend of consumers seeking more convenient and secure ways to pay.
Small Businesses Benefit
One of the most notable findings was the fivefold increase in spending on small and medium-sized businesses (SMBs) compared to the previous year’s average. This boost in SMB spending highlights the broader economic benefits of the Olympic Games Paris 2024, as it provided a significant lift to local businesses, particularly those in the hospitality, retail, and dining sectors.
Tourism Beyond France
The impact of the Olympic Games Paris 2024 extended beyond France, with Visa data showing a significant increase in travel to other parts of Europe by Asia Pacific visitors. Greece, Italy, and Spain saw particularly high increases in spending, with Greece experiencing a remarkable over 250% rise, Italy over 100%, and Spain over 90%.
Digitalization Drives Growth
Visa, in partnership with the Organising Committee, implemented a robust and venue-specific payment system across Paris and beyond, ensuring that Visa contactless payments were accepted at 3,500 points of sale across 32 Olympic venues and 16 Paralympic venues. This extensive network made it easy for visitors to use contactless payments, contributing to the overall positive experience at the Games.
The Olympic Games Paris 2024 showcased the power of global events to drive economic growth and digitalisation, especially for small and medium businesses. The adoption of contactless payments during the Olympic Games Paris 2024 is a clear indication that digital payments are becoming the norm, offering ease, speed, and security to consumers around the world.
Looking Ahead
Visa’s data from the Olympic Games Paris 2024 reveals the significant economic impact of global events like the Olympics, demonstrating their potential to stimulate host-country economies. The data underscores the importance of such events in fostering economic development and technological innovation, ultimately contributing to a more connected and prosperous global economy.
