Spending at Restaurants and Bars Rises in U.S. World Cup Host Cities

Bank of America released aggregated credit and debit card data showing higher retail spending in the 11 U.S. World Cup host cities during the three weeks ending June 27. Brick-and-mortar spending at restaurants and bars in those cities rose 5.3% from a year earlier, compared with a 3.8% increase nationwide, ZeroHedge reported.

Other forms of brick-and-mortar retail spending also accelerated in the host cities during the period. The data reflect only transactions by Bank of America customers and therefore likely understate the tournament's full effect on local spending, according to BofA analyst Aditya Bhave.

Boston and Miami recorded no year-over-year growth in restaurant and bar spending, while other retail spending slowed in both cities.

Bhave noted that the two cities hosted Scotland group-stage matches and that an influx of Scottish fans may have displaced local consumer activity.