Visa Data Shows Boost in Tourism in France as the Olympic Games Paris 2024 Comes to a Close

Rhea-AI Summary

Visa, the Official Payment Technology Partner of the Olympic and Paralympic Games, has released data showing a significant boost in tourism and spending in France during the Olympic Games Paris 2024. Key highlights include:

- 42% increase in Visa cardholders traveling to Paris in the first week of the Games compared to 2023
- Other host cities saw substantial visitor increases: Lille (188%), Saint-Etienne (150%), and Marseille (48%)
- US Visa cardholders represented the largest share of visitors with a 72% year-on-year growth
- Visa cardholders who attended Games competitions spent 24% more than those who did not
- Significant spending increases in theatres & museums (205%), restaurants (67%), and retail goods (53%)

Visa's custom payment network across 32 Olympic and 16 Paralympic venues ensured seamless transactions for visitors, contributing to the Games' economic success.

Positive

• 42% increase in Visa cardholders visiting Paris during the first week of the Olympic Games
• Significant visitor increases in other host cities: Lille (188%), Saint-Etienne (150%), and Marseille (48%)
• 72% year-on-year growth in US Visa cardholders visiting Paris
• 24% higher spending by Visa cardholders who attended Games competitions compared to those who didn't
• Substantial year-on-year spending increases in various sectors: theatres & museums (205%), restaurants (67%), food and grocery (54%), retail goods (53%)

Negative

• None.

Insights

Market Research Analyst

The 42% increase in tourists visiting Paris during the Olympic Games signifies a substantial boost to the local economy. This surge, coupled with increased spending across various sectors, particularly in theatres & museums (+205%) and restaurants (+67%), indicates a significant positive impact on the hospitality and entertainment industries. The 72% year-on-year increase in US visitors suggests a strong recovery in transatlantic travel, which could have broader implications for the global tourism sector.

Interestingly, the data shows that Parisians didn't flee the city as anticipated, with only a slight increase in those leaving during the Games. This could indicate that concerns about overcrowding and disruption were overstated, potentially influencing future perceptions of mega-events in major cities. The spillover effect to other host cities like Lille and Saint-Etienne is particularly noteworthy, suggesting that large-scale events can drive tourism beyond the primary host city, benefiting regional economies.

Financial Analyst

The Olympic Games have provided a significant economic stimulus to Paris and surrounding areas. The 24% higher spending by Games attendees compared to non-attendees highlights the direct financial impact of the event. This increased consumer spending, especially in sectors like retail (+53%) and food & grocery (+54%), could lead to improved revenue and potentially higher profit margins for businesses in these sectors.

The data also reveals interesting patterns in international spending, with UK visitors showing a 42% increase in expenditure, followed by Latin America (+34%) and the US (+32%). This diversity in spending growth across different regions could indicate a broader global economic recovery and increased confidence in international travel. For investors, this may signal potential opportunities in companies with exposure to international tourism, hospitality and retail sectors, particularly those with a strong presence in Paris and France.

• 42% more tourists traveled to Paris in the first week of the Olympics, with US Visa cardholders representing the largest share of visitors (72%, year-on-year increase)
• Significant increase in travelers to other cities hosting Olympic events, including Lille, Saint-Etienne and Marseille
• Biggest spend came from fans who attended the competitions compared to those who did not

SAN FRANCISCO--(BUSINESS WIRE)-- As the Olympic Games Paris 2024 ended with the Closing Ceremony yesterday, Visa, the Official Payment Technology Partner of the Olympic and Paralympic Games, issued further data revealing the positive impact of the Games on tourism and spending in France. Not only did Paris attract 42% more Visa cardholders in the first week of the Olympic Games than in the same period in 2023, but other cities hosting Olympic sports also saw significant increases in visitors and spending, especially among fans who attended the competitions.

Paris cementing its leadership as global destination¹

• 42% increase in the number of Visa cardholders who traveled to Paris during the first week of the Olympic Games Paris 2024
• Other Paris 2024 host cities benefited from the Olympic Games, with Lille seeing a 188% increase in visitors, Saint-Etienne 150%, and Marseille 48%
• Visa cardholders from the US are largest share of visitors from any country with a 72% year-on-year growth, followed by Latin America (+62%) and Asia Pacific (+57%)
• In Europe, fans from the UK (+53%) and Germany (+53%) showed a strong interest in attending the Games
• Parisians didn’t flee the city as previously expected. Number of Parisians traveling overseas remained consistent with the previous year, with a minor uptick (from 4% to 5%) in Parisians traveling outside of Paris during the Olympic Games

Top Spending Patterns

• Visa cardholders spent more in Paris than in the previous year, with the UK leading the year-on-year growth with a 42% increase in their spending, followed by Latin America (+34%) and US (+32%)²
• Visa cardholders who attended Games competitions spent 24% more than those who did not, with 39% of European fans (excluding France) spending more³
• The most significant year-on-year increase in spending levels in Paris was seen in theatres & museums +205%, restaurants +67%, food and grocery +54%, retail goods +53%, fast food restaurants 53%⁴

Charlotte Hogg, Chief Executive Officer of Visa Europe, said: “Our data shows a significant boost for the Parisian economy from hosting the Games. Paris has consistently been the most visited city in the world, but I’m sure that the amazing experience of being in the city for the Games or watching the events at the many iconic venues from far will draw many more visitors in the years to come. As a proud partner of the Olympic and Paralympic Games, Visa has enabled seamless and secure payments for the visitors who came to Paris, and we’re delighted to have played our part in making this Olympic Games a truly unforgettable experience.”

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 Organizing 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.

Visa has launched the Visa Go app to connect spectators and tourists with local businesses during the Games. Visitors can download the Visa Go App here: https://go.paris.visa.com/home

About Visa Inc.

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.

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1} Figures compare the periods from 2024-04-01 to 2024-08-02 with 2023-04-01 to 2023-08-02
² Figures compare the periods from 2024-04-01 to 2024-08-02 with 2023-04-01 to 2023-08-02.
³ Figures describe in-person transactions in Paris between 2024-07-26 to 2024-08-02.
⁴ Year on Year spending growth - Figures compare the days 28 Jul – 6th Aug 2023 and 26th Jul – 4th Aug 2024

View source version on businesswire.com: https://www.businesswire.com/news/home/20240812496775/en/

Jackie Dresch - jdresch@visa.com

Source: Visa Inc.

FAQ

How much did tourism increase in Paris during the first week of the Olympic Games Paris 2024?

According to Visa data, there was a 42% increase in the number of Visa cardholders who traveled to Paris during the first week of the Olympic Games Paris 2024 compared to the same period in 2023.

Which country had the largest share of visitors to Paris during the Olympic Games?

Visa cardholders from the United States represented the largest share of visitors from any country, with a 72% year-on-year growth in visitors to Paris during the Olympic Games.

How did spending patterns change for Visa cardholders during the Olympic Games in Paris?

Visa cardholders spent more in Paris than in the previous year, with significant year-on-year increases in spending on theatres & museums (+205%), restaurants (+67%), food and grocery (+54%), and retail goods (+53%).

Did other French cities hosting Olympic events see an increase in visitors?

Yes, other cities hosting Olympic events saw significant increases in visitors. Lille experienced a 188% increase, Saint-Etienne saw a 150% increase, and Marseille had a 48% increase in visitors.