Europe’s passion for cinema driving experience economy spending boost this summer

• Nearly half (47%) of European consumers find their ultimate joy in watching films on the big screen

• Cannes Film Festival 2024 drove a 198% lift for restaurant spend and 90% for bar spend within 10km of the centre of the festival over the 11 days

• 78% of Europeans and international visitors consider it worthwhile spending on experiences – even more so if it’s “one of a kind”

For the 8th consecutive year, Mastercard strengthens its collaboration with the Venice International Film Festival, reaffirming its commitment to connecting consumers and emerging film makers with their love for the art of cinema, while providing them with unforgettable experiences. 

Passion for cinema in Europe is stronger than ever. Recent Mastercard research¹ reveals that half (47%) of European and international visitors, are the happiest when watching a film at the cinema. One in in two (47%) of European consumers find the opportunity to attend a film premiere as ‘priceless’ in value, and a similar percentage (48%) consider meeting their favourite actor or actress a one-of-a-kind experience.  

For 65% of European and international visitors, the cinema experience makes films more enjoyable than watching elsewhere. The recent opening of Deadpool & Wolverine in Europe drove a surge in European cinema spending, with a 24% week-on-week rise on opening weekend: the European countries with the strongest week-on-week increase in cinema spending upon the release of Deadpool & Wolverine include Denmark, Norway, Germany, the Netherlands and the UK. 

The impact of this cinematic enthusiasm extends beyond the screen and can have a continued positive impact on national and local economies. Analysis from the Mastercard Economics Institute² on Cannes Film Festival 2024 shows a 198% lift for spend in restaurants and 90% for spend in bars within 10km of the centre of the festival over the 11 days. Much of the increase in spending at Cannes was due to well-heeled visitors selecting more expensive menu items, larger quantities, and higher prices at bars and taverns near the film festival. 

This surge in enthusiasm for cinema is part of a broader trend within the experience economy. Recently released data shows that the share of experiences in card spending continues to rise in Europe, to 22% in H1 2024, up from 21% last year and significantly higher than pre-pandemic levels. By June 2024, spending on bars and nightclubs was up 21% year on year, with travel up 18% and live experiences up almost 7%. 

During a panel event at Venice International Film Festival, Raja Rajamannar, chief marketing and communications officer at Mastercard, said: “We’ve spent the last 27 years understanding our customers and consistently delivering Priceless Experiences that bring them closer to the things they love. We’re observing a growing trend in Europe where more people are refocusing their lives and resources towards their passions, well-being, and meaningful experiences. Through our sponsorship events, such as Venice International Film Festival, Cannes Film Festival, Live Nation concerts and many more, we continue to support and celebrate the things that matter the most to our customers.” 

Notes: 

¹ Mastercard 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. 

About Mastercard Economics Institute 

Mastercard Economics Institute launched in 2020 to analyze macroeconomic trends through the lens of the consumer. A team of economists, analysts and data scientists draws on Mastercard insights - including Mastercard SpendingPulse™ - and third-party data to deliver regular reporting on economic issues for key customers, partners and policymakers.