Racing is a team sport, and with every position operating at peak performance, the average pit stop takes only 2.5 seconds1. In the same amount of time it takes to put on four fresh tires, Moneris can process 538 transactions (Yes, we’re proud of our racecar-like processing speeds!).
The roar of the engines, the electrifying atmosphere and a wave of fans hooting – the Big Race in Montreal was bigger than ever. But beyond the adrenaline rush of the race, there’s a fascinating economic story unfolding. Moneris Data Services took a deep dive into consumer spending data during the racing festivities, unlocking key insights into the event’s economic impact. Take a peek:
Foreign Visitors Fuel the Fun
Just like a pit crew works in perfect harmony, tourism plays a vital role in the Big Race experience. Moneris data reveals a significant rise in foreign spending during race week. Restaurants, bars, and hotels all saw a significant boost, with foreign spend in restaurants up a whopping 45%, bars following as a close second with a 43% increase and hotels going up by 15%.
A Tale of Two Tourist Attractions
There’s an interesting twist when it comes to tourist attractions. While overall volume was up 34%, foreign spend in this category actually dipped. This could be due to several factors – a laser focus on the race itself, competing events the previous week, or even the Montreal heatwave slowing down sightseeing enthusiasm.
2024: Chasing the 2019 Pace
While total spending hasn’t quite reached pre-pandemic levels, there’s definite progress. Restaurants are nearing 2019 numbers, with a decrease of only 9% compared to 2023. Tourist attractions, however, are a different story – they’ve overtaken 2019 records, with a staggering 189% increase in total volume. This suggests a growing focus on experiencing the city beyond the racetrack.
More Fans, More Spending
The Big Race is truly a global event, and that’s reflected in the foreign spending data. Compared to 2019, categories like Tourist Attractions (up 385%) and Fast Food (up 153%) saw exponential growth in foreign volume.
This could be due to the surge in the sport’s popularity, fueled by shows like “Drive to Survive,” that became a rage during the pandemic making the Montreal race a must-visit for international fans.
Pro Tip: Make Foreign Visitors Feel at Home
For businesses catering to tourists, offering solutions like Dynamic Currency Conversion (DCC) can be a game-changer. DCC allows international customers to pay in their home currency, eliminating the surprise of exchange rates and making them feel more comfortable spending. It’s a win-win as customers have clear cost visibility, and businesses receive payment in their local currency.
So, whether you’re a restaurateur, hotelier, or any business welcoming international visitors, leverage Moneris data to make the most of this exciting event.
For more data insights, visit Moneris Data Services.
