Exit of rich country teams from World Cup not good for South African economy,says newspaper

16:38, July 02, 2010      

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South Africans may come to rue Ghana's win over the United States in the World Cup and cease to gloat over the premature demise of soccer giants France and England for economic reasons, South Africa's Business Report newspaper said.

The competition has already crushed the dreams of fans from five of the top seven spending countries and reions in the world, the newspaper said on Wednesday.

Visa, the payment card company which sponsors the World Cup, said on Tuesday that from June 1 to June 25, the end of the World Cup group stages, international visitors used their Visa branded cards 1.3 million times, spending more than 170 million U.S. dollars in the process, which is two-thirds higher than the same period of last year, according to Business Report.

Visa said more than 90 percent of spending was in typical leisure and business travel categories including accommodation, restaurants, retail, car rental and air travel.

"Spending from consumers of the U.S. and the UK together accounted for 68.3 million U.S. dollars, making up nearly 40 percent of the 170 million U.S. dollars spent," the newspaper said.

The newspaper notes that both teams were unceremoniously dumped from the competition during the round of 16, leaving their fans disappointed and with less reason to hang around, which is a great economic loss for South Africa.

Australia, which made up 8.8 million U.S. dollars of the total, exited during the group stage, as did France (6.4 million U.S. dollars), which guttered out in a spectacular fashion in front of millions.

The only two big spenders still hanging around are Brazil and Germany, altogether accounting for 11.8 million U.S. dollars of the Visa-inked total.

Source: Xinhua

Special Report: World Cup 2010


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