The French economy has significantly benefitted from the 2024 Paris Olympic Games as customer spending rose across the city’s key sectors. In its latest report, Visa revealed that small businesses in Paris benefitted from a 26 percent year-on-year rise in sales from Visa cardholders during the first weekend of the Games.
“We’re particularly pleased to see the uptick in spending at French small businesses after we helped 13 million of them digitize over the last four years in Europe and connected them to spectators through the Visa Go app,” stated Charlotte Hogg, CEO of Visa Europe.
Spending grows in key sectors
The most significant growth in spending across Paris was in theaters and museums with a 159 percent surge, food and grocery with a 42 percent rise, and restaurants with a 36 percent rise in spending. Retail goods witnessed a 21 percent rise in spending while entertainment spending grew 18 percent.
The largest share of overseas spending in France came from U.S. Visa cardholders with a 29 percent share, with significant annual increases from Brazilian (up 33 percent) and Japanese (up 129 percent) Visa cardholders.
The payment provider also revealed that 78 percent of international purchases in Paris have been contactless, up 9 percent year-on-year.
Read: Brazil reports $7.6 billion trade surplus in July 2024, exports hit record $30.9 billion
Travel to Paris surges
Notably, travel to Paris by travelers under the age of 35 grew 120 percent annually during the Paris Olympic Games, significantly boosting the tourism sector’s impact on the French economy. From the U.S., travel to Paris rose 64 percent followed by Germany with a 61 percent rise and Spain with a 27 percent increase.
“The increased engagement of younger generations, which we see in the travel data, is also an exciting finding and shows the reach and relevance of the Games today and into the future,” Hogg added.
Spending also rose significantly in cities hosting Olympic events outside Paris including Saint-Etienne, Lille and Marseille. The three cities hosting the Olympic Games witnessed an increase in spending of 214 percent, 100 percent, and 38 percent, respectively, further supporting the French economy.
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