Moneris spending data for the two-week period of Pan Am Games show a 7.71 per cent year-over-year increase
TORONTO, July 31, 2015 /CNW/ - Overall spending in downtown Toronto grew 7.71per cent during the period of the Pan Am Games (July 10-26) compared with the same period last year, according to Moneris Solutions Corporation ("Moneris"), one of North America's largest processors of debit and credit payments.
The most notable gains were seen in tourism-related categories, with the entertainment category posting the highest growth at 53.19 per cent. Spending at hotels grew by 8.2 per cent and restaurant spending saw an increase of 5.58 per cent year-over-year, with fast food standing out at an impressive 22.14 per cent growth.
"There has been a lot of debate surrounding the Games and whether or not they would pay off for local businesses," said Rob Cameron, Chief Product and Marketing Officer. "Our numbers show that Toronto businesses benefitted from increased spending, particularly in sectors relevant to tourism and in areas close to the main event venues. Tourists and locals were eager to come out and take part in the excitement generated by the Games."
Spending increases tied to 'Pan Am' areas
According to Moneris, businesses located in areas close to the Pan Am venues experienced a boost in spending. Spending in Milton, the site of the newly built Pan Am Velodrome, increased 13.80 per cent during the three days of cycling track events (July 16-19), compared with the same period last year.
Businesses located in the area around the Rogers Centre, the venue for the Closing Ceremonies, saw spending growth of 18.60 per cent on the final day of the Games (July 26), on a year-over-year basis. Entertainment spending in this area increased by 81.85 per cent the same day as compared to the year prior.
Significant growth in international spend
Spending using foreign credit cards increased 18.69 per cent year-over-year during the period of the Games, higher than the overall increases reported in tourism-related categories. For instance, entertainment spending using foreign cards was 260.32 per cent higher compared to the same period last year, and foreign spending on hotels grew by 20.39 per cent year-over-year.
"International spending numbers, especially in key categories such as entertainment, are indicative of tourists making a concerted effort to enjoy all that Toronto has to offer," said Cameron. "While the Games may have been the main draw for making a trip to Toronto, it is clear that international tourists made the most of their stays by taking in additional forms of entertainment, such as museums, theatres and other local attractions."
Toronto data was collected for the area between Bloor Street and Harbourfront, and from Jarvis Street to Bathurst Street. The area identified as the Rogers Centre includes postal codes beginning with M5V and M5J.
About Moneris Solutions
As one of North America's largest providers of payment processing solutions, Moneris Solutions Corporation ("Moneris") offers credit, debit, wireless and online payment services for merchants in virtually every industry segment and processes more than three billion transactions, annually. Moneris offers electronic loyalty and stored-value gift card programs. With more than 350,000 merchant locations, Moneris provides the hardware, software and systems needed to improve business efficiency and manage payments. For more information please visit www.moneris.com.
SOURCE Moneris Solutions
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