- Hospitality and local businesses set to benefit as more than 200,000 golf fans travel to South Ayrshire for the 2024 Open at Royal Troon.
- Based on analysis of Mastercard SpendingPulse insights from previous tournaments, a surge in spending is expected across lodging and hospitality in South Ayrshire as consumers continue to prioritise spend on experiences
As Royal Troon prepares to host the 152nd Open (14th-21st July), business owners and residents of South Ayrshire can look forward to a week of world class sport and a boost to the local economy.
According to a recent Mastercard survey of over 16,000 consumers1, European and international visitors alike are set to prioritise spend on experiences, with almost 9 in 10 people (88%) saying they plan to spend the same, or more, on experiences in 2024, compared to 2023. Over 4 in 10 (41%) said that how ‘one of a kind’ an experience is would be a determining factor in whether to spend on an experience, highlighting their ambition to make lifelong memories.
And with 200,000 fans travelling from around the world to witness the historic Open tournament, Mastercard has examined the impact of previous events on local economies..
Analysis of Mastercard SpendingPulse data, which measures in-store and online retail sales across all forms of payment, reveals a significant and consistent uplift in local hospitality sectors during the Open.
2023 – 151st Open, Royal Liverpool: Hospitality-related sectors experienced the biggest boost, with lodging sales increasing by 30% from 2022, and restaurant and in-store spend both increasing by around a quarter (+25% and +27% respectively).
Overall, the event generated more than £187 million in economic benefit for the Wirral and the wider Liverpool City Region, according to a separate study by the R&A*.
2022 – 150th Open, St. Andrews, Scotland: The 2022 Open drew 290,000 fans from around the world, making it the bestattended event in the tournament’s history. Growth rates in hospitality sectors were also significantly higher, with lodging up by more than half (56%) compared to 2021, and restaurant sales increasing by 38%, in part benefitting from favourable post-pandemic reopening effects.
Looking at growth compared to the week preceding the event (July 4th-10th), spending on lodging and restaurants were up by more than a third week on week (+36%y/y and +35%y/y respectively), also benefitting from post-pandemic effects.
2021 – 149th Open, Royal St. George’s, Kent: In the county of Kent during the week of July 12th-18th, spending on lodging increased by +13% year on year, providing a welcome boost for the businesses impacted by COVID restrictions in 2020.
Natalia Lechmanova, Chief Economist Europe at Mastercard Economics Institute, says: “In recent years, The Open tournament has significantly boosted the economies of its host areas, benefiting local businesses beyond the host courses. Our analysis shows that cultural and sporting events like The Open have the potential to bolster local economies and increase tourism-related spending across hotels and restaurants. We’ve seen strong demand from consumers for meaningful, live events as the experience economy across Europe continues to thrive.”
The Open is one of the oldest sporting events in the world, and has been held annually since 1860, except during world wars and the COVID-19 pandemic. It is the oldest of the four major championships in professional golf and rotates among a select group of prestigious golf courses in the UK.
Notes to editors:
1Mastercard conducted a survey with its research partner Vitreous Worldwide, to understand the shift in consumer preferences towards prioritizing experiences. The fieldwork took place from the 2nd – 9th January 2024.
The survey sampled 16,141 respondents, including 14,125 respondents from 20 markets across Europe (Austria, Belgium, France, Germany, Italy, Poland, Spain, UK, Bulgaria, Croatia, Cyprus, Czech Republic, Greece, Ireland, Netherlands, Portugal, Romania, Serbia, Sweden, Switzerland) and 2,016 respondents in Australia, Brazil, China and USA.
About Mastercard SpendingPulse
Mastercard SpendingPulse™ reports on national retail sales across all payment types in select markets around the world. The findings are based on aggregate sales activity in the Mastercard payments network, coupled with survey-based estimates for certain other payment forms, such as cash and cheque. As such, SpendingPulse™ insights do not in any way contain, reflect or relate to actual Mastercard operational or financial performance, or specific payment-card-issuer data
About Mastercard (UK)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
Source – www.mastercard.com
