Visa Europe Report Suggests Huge London 2012 Economy Boost
July 12, 2011
Visa Europe have released a ground-breaking report claiming that there will be a US$1.2bn consumer spending boost in the seven week period of next year’s London 2012 Olympics and Paralympics, meaning that Britain will witness the biggest ever consumer spend in the history of the Games.
The report, released by Visa Europe to mark the 25th anniversary of Visa’s global sponsorship of the Olympic Games, predicts that this record spend will deliver a sustained stimulus worth a total of US$8.11bn to the UK economy by 2015.
The report found that during the intense three week period between the Opening and Closing Ceremonies of the Olympic Games, the economy will receive a £621 million US$988bn spending boost.
The report is the first report of its kind to consider how consumer spending will be impacted by the London 2012 Games and then how this spending alone will go on to impact the wider economy, both immediately and in the longer term.
It is unique as it is based on actual consumer spending data showing four different types of spending patterns both in the UK and internationally.
The data analysed includes international visitor spending at previous Olympic Games and major sporting tournaments, domestic spending at previous Olympic Games and major sporting tournaments, typical spending of international visitors in London and spending patterns of UK consumers during big sporting events like the World Cup.
Marc O’Brien, the managing director of Visa UK, said: “As the report shows, the UK will benefit from an immediate positive economic impact as a result of a large increase in consumer spending during the Olympic and Paralympic Games.
“What’s so encouraging for the wider economy is the ripple effect this will cause: economic output will increase and the benefits will be felt in people’s pockets as incomes increase.
“This immediate positive economic boost will translate into sustained economic stimulus and job creation, impacts which will be felt long after the Games have finished.”
Colin Grannell, the head of partnership marketing at Visa Europe, added: “The countdown to London 2012 has well and truly begun and as the nation gets into the Olympic Spirit, the findings of this report also signal good news for the economy.
“As a global sponsor of the Olympic and Paralympic Games, Visa provides retailers across the UK the chance to share in the Olympic Spirit.
“Visa’s relationship with the Olympic Games stretches back 25 years and this long heritage sets us in good stead to make London 2012 the best Games ever.”