Olympics drive 8% increase in Visa spending

Although the figures do not separate out retail spend, figures show international visitors are splashing out while in the UK.

Visa manages the payment structure at the Olympics. The London Games will be the first time visitors can make contactless payments on their card or mobile phone.

Spending on Visa cards in restaurants was up 19.6% to £12.7m against £10.6m a year ago. Celebrations then continued to nightclubs with spending up 24% to £2.1m.

But visitors are still making time for sightseeing as card spending on attractions and exhibitions was up 12% to £2.3m.

Theatre ticket sales were the big winners, with spending soaring 114% last week to £5.3m.

Visa Europe commercial director Steve Perry said: “The Games are building a massive feelgood factor not just for the host nation but for all those visitors currently enjoying all the UK has to offer. There was plenty to cheer about in the first full week of the Games as total spending on Visa cards by international visitors reached £457m. It would appear that visitors are out celebrating the success of their athletes in some style with restaurant spending up by almost a fifth and nightclub spending by almost a quarter on this time last year.”