UK consumer expenditure is expected to reach £750m during next summer’s Olympic and Paralympic Games, according to a new report published by credit card firm Visa Europe.
The research – published to mark Visa’s 25th anniversary as an Olympic Games sponsor – found that the UK economy will benefit from an additional £5.1bn by 2015 as a result.
Golden Opportunity – London 2012 Olympic and Paralympic Games Expenditure and Economic Impact anticipates a £1.14bn increase in economic output during the Games.
Longer-term impacts will see an additional £1.37bn worth of economic output per year and nearly 18,000 additional jobs per year, along with anticipated growth of 3.5 per cent.
Retail, leisure and travel are to be among the biggest winners, with the hotel industry to see a £122.6m uplift and the entertainment and food and drink sector to receive a £81.5m boost.
Visa UK managing director Marc O’Brien said: “What’s so encouraging for the wider economy is the ripple effect this will cause: economic output will increase and the benefits will be felt in people’s pockets as incomes increase.
“This immediate positive economic boost will translate into sustained economic stimulus and job creation, impacts which will be felt long after the Games have finished.”