Biggest spend came from Australia, Hong Kong SAR, Japan, Mainland China and Singapore cardholders[1] Significant increase in spending from Visa cardholders in many areas of commerce including apparel, retail goods, department stores, restaurants, and in contactless purchases Increase in travellers to neighbouring Greece, Italy and Switzerland
SINGAPORE, Sept. 3, 2024 /PRNewswire/ — Visa, the Official Payment Technology Partner of the Olympic and Paralympic Games, today shared new data revealing consumer spending patterns from Mainland China, Japan, Australia, Hong Kong SAR and Singapore.
The world leader in digital payments has identified the positive impact that the Olympic Games Paris 2024 is having in boosting commerce in France and across Europe. Top spending patterns[2] by Visa cardholders from Asia Pacific include:
Asia Pacific cardholders spent more in France than in the previous year[3], with Australia recording over 100% increase in their spending, followed by Mainland China (over 80%) and Hong Kong SAR (over 70%) Within France, the biggest share of daily spend[4] comes from Hong Kong SAR (over US$230) Singapore (over US$160), Mainland China (over US$140) Asia Pacific cardholders[5] made twice the number of contactless purchases compared to the previous year’s average Over 80% of total visitors used Contactless as the payment method[6] Over 30% of cardholders conducted their first international purchase in the last 12 months during their trip Fivefold increase in spending on SMB merchants[7] compared to the previous year’s average Over 50% of spend in shopping, lodging and dining (apparel & accessories, retail goods, department stores and restaurants) Increased spending beyond France in other parts of Europe, including Greece (over 250%), Italy (over 100%) and Spain (over 90%)
Top Asia Pacific Travel Patterns
France saw an increase of over 70% in number of Asia Pacific travellers during the Olympic Games Paris 2024, with over 60% of total visitors travelling to Paris[8] Other Olympic Games Paris 2024 host cities also benefitted from the Olympic Games with 10% of total visitors travelling to Nice, 5% to Marseille, and 4% to Lyon Travel beyond France to other parts of Europe, including Greece (over 170%), Italy (over 80%) and Switzerland (over 60%)
"The Olympic Games Paris 2024 has not only showcased athletic excellence but also demonstrated the power of global events to drive economic growth and digitalisation especially for small and medium businesses," said Prateek Sanghi, Head of Visa Consulting and Analytics, Asia Pacific. "What’s really exciting is how contactless payments have doubled during the Olympics — a sign that people are embracing new ways to pay with ease, speed and convenience. We’re seeing the future of payments unfold in real time, uplifting everyone from local businesses in Paris to tourists from across Asia Pacific."
Prior Visa data from the Olympic Games Paris 2024 revealed significant growth in international visitorship and spending. U.S. cardholders led with a 72% year-on-year increase, followed by Latin America (+62%) and Asia Pacific (+57%). This boost extended beyond Paris to other Olympic host cities. Similarly, Asia Pacific visitors to France increased by over 70%, with a rise of over 80% in overall tourism spend. These figures underscore the Games’ potential to stimulate host-country economies, aligning with Visa’s purpose to uplift everyone everywhere.
Visa’s responsibility to provide payment systems for the Olympic and Paralympic Games requires a robust and venue-specific plan combined with large-scale operations. Working hand-in-hand with the Organising Committee for the last three years, Visa has built a custom payment network across Paris and beyond, which ensures Visa contactless payments are accepted at 3,500 points of sale across 32 Olympic venues and 16 Paralympic venues.
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
Disclaimer:
Case studies, statistics, research and recommendations are provided "AS IS" and intended for informational purposes only and should not be relied upon for operational, marketing, legal, technical, tax, financial or other advice. Visa Inc. does not make any warranty or representation as to the completeness or accuracy of the Information within this document, nor assume any liability or responsibility that may result from reliance on such Information. The Information contained herein is not intended as legal advice, and readers are encouraged to seek the advice of a competent legal professional where such advice is required.
[1] Based on Visanet data: Cardholders from these five countries and territories form the highest number of Olympic ticket buyers from the Asia Pacific region.
[2] Figures compare the period from 1 July to 11 August 2024 with monthly average of last 12 months.
[3] Figures compare the period between 1 July to 11 August 2024 and the monthly average spends (per cardholder, by market) between of last 12 months, VisaNet.
[4] Figures describe in-person transactions in France between 1 July to 11 August 2024, VisaNet.
[5] Cross-border visitors to France: (1) international cardholders, and (2) have made CP International transactions in France; time period: 1 July to 11 August 2024.
[6] In-person contactless transactions in France between 1 July to 11 August 2024, VisaNet.
[7] AP Visa cardholders and spend increase in France comparing 1 July to 11 August 2024 and last 12 months’ average.
[8] Figures describe the number of Asia Pacific Visa cardholders in France between 2024-07-01 to 2024-08-11, VisaNet
Asia Pacific cardholders spent more in France than in the previous year
Over 80% of total visitors used Contactless as the payment method
Fivefold increase in spending on SMB merchants compared to the previous year’s average
Source : Visa Data Shows Boost in Spend from Asia Pacific at Olympic Games Paris 2024
>
This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network
