As the eyes of the world turn to London this week, according to Visa Europe, the UK is already embracing sporting fever following Bradley Wiggins’ historic victory in the Tour de France. Visa Europe reports, via its Visa London 2012 Games Spend Tracker, that bicycle shops, sales and services – ‘a traditionally flat sector’ – have enjoyed a 6.3% rise in spending week on week, and are up 5.1% year on year.
The Visa London 2012 Games Spend Tracker tracks both domestic and international spending in the UK during the 2012 Olympic Games. The indicator for domestic spend is based on spending on all Visa debit, credit and prepaid cards. For domestic based indicators – which are based on cards issued to UK households – the spending data is adjusted (where applicable) for a variety of factors such as refunds, cash back, inflation, etc. These adjustments mean the data is distinct from Visa Europe’s business performance. The aim to provide a robust indicator of real UK consumer expenditure during the Olympic Games.
For international data, spending on all Visa debit, credit and prepaid cards from outside the UK is taken into account. The numbers are not adjusted for any of the aforementioned factors. Therefore direct comparisons with indicators of domestic spend should not be made. The international data should be viewed as indicative of trends in international spending patterns in the UK during the London 2012 Games.