Tourist spending in Azerbaijan during Formula 1 rises by 85%

In 2024, tourist spending in Azerbaijan during the Formula 1 Grand Prix increased by 85% compared to 2023, according to Emil Zeynalov, Country Manager for Mastercard in Azerbaijan, Report informs.

He shared the figures at a press conference focused on the economic impact of international sporting events, key financial indicators, and Mastercard's projections for the country.

Zeynalov noted that tourist shopping played a major role in the growth: "The number of incoming tourists rose by 87%, their total spending increased by 85%, and the number of transactions grew by 77%."

The official added that hotel expenditures during the Grand Prix surged by 127%, while restaurant spending jumped by 141%.

"Looking at country-specific categories, hotel spending by tourists from Türkiye tripled, and restaurant spending by visitors from the UK quadrupled. Clearly, this is an economic opportunity. Events like these are not just sporting occasions-they offer significant economic potential and drive digital transformation," he added.