Olympics boosts consumer spending in Britain

LONDON - British have increased their spending on sporting goods and socializing in the wake of the London 2012 Olympic and Paralympic Games, said a survey on Tuesday.

According to the survey conducted by multinational financial service company Visa, consumer spending rose sharply during the two-week sporting festival as Olympic excitement swept Britain.

It said spending on Visa cards at British restaurants increased to 191 million pounds in 2012 from 162.5 million pounds in 2011, a staggering rise of 20.6 percent, while spending on cards at bars and clubs was up 17.5 percent, from 48 million pounds in 2011 to 58 million pounds in 2012 (1 pound is about $1.5675).

Spending on sporting goods surged to 62 million pounds in 2012 from 43 million pounds in 2011, a year-on-year rise of 46.5 percent.

During the final week of the Olympic Games, British increased their spending on tickets on their Visa cards by 117.8 percent, up from 21.3 million pounds in 2011 to 46.4 million pounds in 2012.

Steve Perry, Commercial Director at Visa Europe said: "This scramble for tickets bodes well for the Paralympics, as the excitement and interest looks set to continue well into September.

"With spending also looking healthier on the high street last week, hopes for an Indian summer abound," Perry added.