Retail spending is up 21% in Paris compared to the same period in 2023.
The 2024 Olympic Games in Paris have brought an increase in business for French retailers, with Visa data revealing a significant surge in consumer spending during the opening weekend of the event.
The payment giant’s figures show that small businesses in the French capital experienced a 26% year-on-year (YoY) increase in sales from Visa cardholders.
A particularly strong performance was seen in the city’s retail sector, with spending up 21% compared to the same period in 2023.
Food and grocery stores enjoyed a 42% boost while theatre and museum ticket sales soared by 159%.
Restaurants also cashed in, with a 36% increase in Visa spending.
The influx of international visitors to the event has been a key driver of this increase.
The US topped the list of significant spenders, accounting for 29% of overseas purchases. Shoppers from Brazil and Japan also contributed significantly, with spending up 33% and 129%, respectively, compared to last year.
“Our latest data shows a significant increase in consumer spending among Visa cardholders during the Opening Ceremony weekend,” said Charlotte Hogg, CEO of Visa Europe.
“We’re particularly pleased to see the uptick in spending at French small businesses after we helped 13 million of them digitise over the last four years in Europe and connected them to spectators through the Visa Go app.”
Visa’s role as the official payment technology partner for the games has involved creating a robust payment network across Paris and its surrounding areas.
Contactless payments are now accepted at more than 3,500 points of sale across 32 Olympic and 16 Paralympic venues.
While the full economic impact of the games will take time to assess, these early figures suggest that the event is providing a much-needed boost to the French retail industry.
Source from Retail Insight Network
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