French economy gets lift from Paris Olympics – Visa

The Paris Olympics are providing a boost to the French economy through increased consumer spending, according to a report from US bank card and financial transactions firm Visa.

As the eurozone’s second-largest economy, France is relying on the Games to enhance its modest growth, with its statistics office projecting a 0.3 percentage point increase from ticket and TV rights sales, along with tourism.

Visa reported that small businesses in Paris saw a 26 per cent rise in sales to Visa cardholders during the Olympics’ first weekend compared to the previous year.

“Our latest data shows a significant increase in consumer spending among Visa cardholders during the opening ceremony weekend,” said Visa Europe CEO Charlotte Hogg.

US Visa cardholders accounted for the largest share of foreign Olympics-related spending, with a 29 per cent increase from the previous year. The report, released late Tuesday, also noted significant spending increases from Brazilian and Japanese Visa cardholders.

Attribution: Reuters