Visa Expects U.K. To See $1.2B Influx In Spending During Olympics, Paralympics
Visa today announced that it expects the U.K. to see a $1.2B influx in consumer spending during the seven weeks of the ‘12 Olympic and Paralympic Games. The consumer spending prediction is the biggest ever for a host country. Between the opening and closing ceremonies of the ‘12 London Games, Visa predicts the U.K. economy will see a $995M boost from consumer spending. The Paralympic Games that follow will add another $206M to the economy. The retail and travel sectors will be the biggest beneficiaries. They will see $814.8M in spending. Supermarkets will see $128M, retailers will see $296M and restaurants and bars will see $130.6M in spending. The influx in spending primarily will result from foreign visitors to the U.K. Domestic consumer spending is expected to rise just $65.8M. Visa, which is celebrating its 25th anniversary as a worldwide Olympic sponsor, also announced that it has added four Olympians and Paralympians to its team of athletes for the ‘12 Games. Joining its team are Paralympic swimmer Jessica Long, distance runner Lopez Lomong, wheelchair basketball player Alana Nichols and gymnast Alicia Sacramone. They join a team that includes swimmer Michael Phelps, gymnast Nastia Liukin and decathlete Bryan Clay, among others.