Sporting Events Have Lasting Economic Effects

A recent report by Visa shows the economic effects of mega-sporting events and the impact they have on tourism spending in the event host countries. The report analyzes Visa cardholder spending patterns of three recent mega-events: 2010 FIFA World Cup South Africa, the Vancouver 2010 Olympic Winter Games and the Beijing 2008 Olympics Games. According to the report, events of this scale create significant increases in expenditure and give host countries a chance to shine on the global stage.  For each of the three events analyzed, there was healthy growth in Visa payment card expenditure during the event compared to the year prior:
    82 percent for the 2010 FIFA World Cup South Africa
    93 percent for the Vancouver 2010 Olympic Winter Games
    15 percent for the Beijing 2008 Olympic Games
These three events have been catalysts of economic recovery for the host country and nations surrounding it in terms of international tourism spending.