Visa Records Billion Dollar Spending on Accounts During Olympics
By Community | August 8, 2012
According to Visa Inc. international travelers spent an additional $716.7 million on their Visa accounts while in the United Kingdom during the second week of the London 2012 Olympic Games (July 30 – August 5), mind bringing the total spend on Visa accounts in the United Kingdom to more than $1.4 billion.
While the biggest Visa spenders still hail from the United States, case Visa account holders from Russia – one of the top 15 contributors to the London 2012 Olympic Games – have increased travel spend on their Visa accounts by more than 30 percent for the second week in a row.
“The Olympics are a showcase for athletics and innovation, therapy and the same goes for tourism,” said Kevin Burke, CMO of Core Products, Visa Inc. “It is easier than ever for international travelers safely to pay for goods and services with payment cards, contactless smart cards or mobile technology. Visa’s spend data shows that more countries are able to take advantage of these payment innovations. Tourism is a vital component of economic growth for any nation, and it is exciting that Visa payment technology is making it possible for countries and regions around the world to have a bigger impact on the global economy.”
The top 10 contributing countries accounted for 57 percent of the total amount spent on Visa accounts in the United Kingdom during this time period.
The top three spending categories remained the same as the first week of the Olympic Games – “Services” ($139.1 million), including items such as shoe and jewelry repair and spas; “Entertainment” ($106.6 million), including theater tickets and other attractions; and “Airlines” ($82.4 million). The “Clothing” category moved up to be the fourth highest spending category with $67.9 million, surpassing “Other Retail” ($66.3 million), which includes bike shops, bookstores, antique stores, and drug stores.