Olympics Bring Top Dollar to London
According to MasterCard Global City Index, London is the hottest city in the world right now and will attract the highest international visitor spend, ahead of New York, Bangkok, Paris and Singapore.
Despite a challenging economic climate, the index shows that overall international visitor numbers are projected to increase by a steady 5.7% and spend by 10.6% respectively for the top 20 ranked cities in the report, compared to 2011 figures.
The predicted increase in spend in the UK capital is in line with a positive trend in the number of UK card transactions, over the last year – transactions increased by 8.3% from 2010-2011, according to Euromonitor, an independent research company.
Ann Cairns, President of International Markets, MasterCard Worldwide, comments: ‘‘This Index paints a picture of an ever more interconnected world where electronic transactions play a critical role in enabling global commerce. When we look at the way international travelers are spending, it is clear that cash is not satisfying the growing demand for safe, simple and smart payments.
The outlook for international travel and expenditure in Europe is fairly rosy for 2012. The top ten cities show a projected combined overall increase in visitor numbers of 2.8% and a rise of 8.1% in terms of projected total international spend. The average international spend per visit is expected to rise for these European cities to $1,172, up 5.1% on last year.
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