Olympics boost credit card spending in Vancouver, Visa says
17 February 2010
Visitors to the Vancouver Olympics spent $5.2 million US on their Visa cards on the opening day of the Games, an increase of 46% over the same period last year, Visa Inc. said.
The biggest spenders came from the U.S., followed by China, the U.K., South Korea, Australia and Hong Kong, it said. Visitors from these six countries accounted for more than 70% of all money spent on Visa cards on the opening day, it said.
Spending by visitors to the Olympics and investment in local infrastructure is expected to give the British Columbian economy a boost, at least in the short term. Longer term, analysts said it’s hard to tell how much of a benefit the region will get from hosting the Games.
The fortunes of past Olympic hosts have been mixed, with Montreal ending up with losses of about $1 billion, while Los Angeles was left with a surplus of around $352 million, according to a U.K. study. Most of the opening day’s money was spent on accommodation and on purchases in shops, Visa said.
Visa is one of the official sponsors to the Games
