South Ayrshire set to to benefit from Experience Economy spending boost as 250,000 golf fans flock to Royal Troon for 152nd Open

• Hospitality and local businesses set to benefit as more than 200,000 golf fans travel to South Ayrshire for the 2024 Open at Royal Troon.
• Based on analysis of Mastercard SpendingPulse insights from previous tournaments, a surge in spending is expected across lodging and hospitality in South Ayrshire as consumers continue to prioritise spend on experiences

As Royal Troon prepares to host the 152^nd Open (14^th-21^st July), business owners and residents of South Ayrshire can look forward to a week of world class sport and a boost to the local economy. 

According to a recent Mastercard survey of over 16,000 consumers¹, European and international visitors alike are set to prioritise spend on experiences, with almost 9 in 10 people (88%) saying they plan to spend the same, or more, on experiences in 2024, compared to 2023. Over 4 in 10 (41%) said that how ‘one of a kind’ an experience is would be a determining factor in whether to spend on an experience, highlighting their ambition to make lifelong memories.

And with 200,000 fans travelling from around the world to witness the historic Open tournament, Mastercard has examined the impact of previous events on local economies..

Analysis of Mastercard SpendingPulse data, which measures in-store and online retail sales across all forms of payment, reveals a significant and consistent uplift in local hospitality sectors during the Open.

2023 - 151st Open, Royal Liverpool: Hospitality-related sectors experienced the biggest boost, with lodging sales increasing by 30% from 2022, and restaurant and in-store spend both increasing by around a quarter (+25% and +27% respectively). 

Overall, the event generated more than £187 million in economic benefit for the Wirral and the wider Liverpool City Region, according to a separate study by the R&A*. 

2022 - 150th Open, St. Andrews, Scotland: The 2022 Open drew 290,000 fans from around the world, making it the bestattended event in the tournament’s history.  Growth rates in hospitality sectors were also significantly higher, with lodging up by more than half (56%) compared to 2021, and restaurant sales increasing by 38%, in part benefitting from favourable post-pandemic reopening effects.

Looking at growth compared to the week preceding the event (July 4th-10th), spending on lodging and restaurants were up by more than a third week on week (+36%y/y and +35%y/y respectively), also benefitting from post-pandemic effects.

2021 - 149th Open, Royal St. George’s, Kent: In the county of Kent during the week of July 12th-18th, spending on lodging increased by +13% year on year, providing a welcome boost for the businesses impacted by COVID restrictions in 2020.

Natalia Lechmanova, Chief Economist Europe at Mastercard Economics Institute, says: “In recent years, The Open tournament has significantly boosted the economies of its host areas, benefiting local businesses beyond the host courses. Our analysis shows that cultural and sporting events like The Open have the potential to bolster local economies and increase tourism-related spending across hotels and restaurants. We've seen strong demand from consumers for meaningful, live events as the experience economy across Europe continues to thrive.”

The Open is one of the oldest sporting events in the world, and has been held annually since 1860, except during world wars and the COVID-19 pandemic. It is the oldest of the four major championships in professional golf and rotates among a select group of prestigious golf courses in the UK. 

^{Notes to editors:}

^{*https://www.randa.org/articles/the-151st-open-generates-187million-in-economic-benefit-for-liverpool-city-region}   

^{₁Mastercard conducted a survey with its research partner Vitreous Worldwide, to understand the shift in consumer preferences towards prioritizing experiences. The fieldwork took place from the 2nd – 9th January 2024.}

^{The survey sampled 16,141 respondents, including 14,125 respondents from 20 markets across Europe (Austria, Belgium, France, Germany, Italy, Poland, Spain, UK, Bulgaria, Croatia, Cyprus, Czech Republic, Greece, Ireland, Netherlands, Portugal, Romania, Serbia, Sweden, Switzerland) and 2,016 respondents in Australia, Brazil, China and USA.}