Adyen (ADYEN:AMS) says they are experiencing a surge in transaction volumes at retail and hospitality outlets in France due to increased traffic from the Summer of Sports.
With visitors flocking to France, Adyen is keeping track of the latest payment trends.
Since July 24th, Adyen has authorized “over €1.7 billion of in-person and online transactions across discretionary retail industries, hospitality and entertainment (includes sports venues) in France.”
Foreign shoppers accounted “for 35% of authorized transaction volumes in the country, with US travelers currently top of the spending leaderboard.”
American tourists represent “nearly 22% of authorized sales volumes by foreign shoppers. German tourists place second (8%) and those from the UK third (6.5%).”
Luxury retailers based in France “are attracting big spenders with those from China spending nine times the industry average transaction value. Taking second and third place are Japan and USA with 6x and 5x, respectively.”
Alexa von Bismarck, President EMEA at Adyen said:
“International sporting events don’t just bring cheer and excitement to the arena, velodrome or pool, but clearly boost local economies too. This year’s Summer of Sports is a golden opportunity for retail and hospitality businesses. International shoppers account for over a third of transaction volumes processed on our platform for Unified Commerce in France, with analysis demonstrating the importance of US fans this summer. It will be interesting to see how this develops on our tracker, and which nationality claims the top spot in the spending leaderboard when the Summer of Sports ends.”
Adyen analysis suggests that businesses “using the latest technologies to support payments are reaping the benefits of fan excitement.”
This includes giving tourists the option “to pay in their local currency and offering them the payment methods they want, with Swiss francs being the preferred choice for half of shoppers visiting France from Switzerland.”
British shoppers also like to “have this option, with 46% choosing to pay in pounds over euros, and one third (33%) of Canadians opting for Canadian dollars.”
As noted in the update:
“International fans want to buy goods using their preferred payment methods, and we’ve seen significant benefits for our clients by offering more checkout options. This includes Alipay for Chinese tourists, Buy Now Pay Later technology, and digital wallets for those who prefer cardless and cashless transactions. In France, nearly all Australian visitors (89%) opt to tap their cards instead of inserting them and entering their PIN. Use of technology in-store greatly benefits the customer experience – simply activating currency conversion at point-of-sale means that the shopper has a clear price frame of reference when they purchase. Global brands operating in host cities have a real opportunity to build trust with international consumers and boost positive perception across operating markets.”
Research methodology
This activation uses a “portion of IPP and Online Payments data for Unified Commerce and adjacent verticals. Geographically, the data covers France.”
The time period begins from the 24th of July 2024 onward. The data is aggregated across various dimensions, such “as industry vertical level, issuer country code, payment methods, and more.”
This aggregation facilitates “the analysis of comparative and historical trends in shopper spending, authorized volumes, payment methods, transacting devices, and other general statistics related to a summer of sports in France, while also ensuring privacy.”