Singapore – New data from Visa has recently revealed that Asia-Pacific cardholders spent more in France than in the previous year following the Olympic Games Paris 2024, with Australia recording over 100% increase in their spending, followed by Mainland China (over 80%) and Hong Kong SAR (over 70%).
According to the data, within France, the biggest share of daily spend comes from Hong Kong SAR (over US$230) Singapore (over US$160), and Mainland China (over US$140). Moreover, Asia-Pacific cardholders made twice the number of contactless purchases compared to the previous year’s average.
The data also reports that over 80% of total visitors used contactless as the payment method, over 30% of cardholders conducted their first international purchase in the last 12 months during their trip.
There has been also a fivefold increase in spending on SMB merchants compared to the previous year’s average. Over 50% of spend in shopping, lodging and dining (apparel & accessories, retail goods, department stores and restaurants).
Lastly, increased spending beyond France in other parts of Europe, including Greece (over 250%), Italy (over 100%) and Spain (over 90%)
Prateek Sanghi, head of Visa Consulting and Analytics for Asia-Pacific, said, “The Olympic Games Paris 2024 has not only showcased athletic excellence but also demonstrated the power of global events to drive economic growth and digitalisation especially for small and medium businesses.”
He added, “What’s really exciting is how contactless payments have doubled during the Olympics — a sign that people are embracing new ways to pay with ease, speed and convenience. We’re seeing the future of payments unfold in real time, uplifting everyone from local businesses in Paris to tourists from across Asia Pacific.”