New data from the Mastercard Economics Institute shows the significant impact of a major international racing event in 2025 on visitor spending in Baku — from restaurants and cafes to retail. The analysis, based on aggregated and anonymized Mastercard data, reveals how the event drove spending growth in key segments of the city's tourism economy.
Over the five days around the race weekend, foreign visitors' spending on dining was nearly three times higher than the level estimated without the event, while retail spending was 94% higher.
Spending growth begins before the race
The increase in spending started even before the main race, as foreign guests arrived in Baku. Three days before race day, dining spending was already 65% above the level expected without the event, and retail spending was 29% higher.
The highest activity occurred over the weekend. On race day, dining spending more than tripled the estimated baseline, while retail spending peaked the day before, exceeding the expected level by 154%.
Importantly, the effect did not end with the race. The day after, dining spending remained 147% higher, and retail spending was nearly double the estimated baseline.
"As travelers increasingly seek trips centered around vibrant and meaningful experiences, major sports and cultural events play an important role in shaping the appeal of tourist destinations. Understanding visitor behavior and spending trends helps businesses, tourism industry representatives and government agencies better predict traveler needs, improve their experience and unlock new opportunities for tourism growth in Azerbaijan," said Onur Faydaci, General Manager of Mastercard in Turkey and Azerbaijan.
Turkey leads in visitor spending
During the five days around the event, guests from Turkey accounted for about a quarter of cross-border Mastercard card spending in Azerbaijan, making them the largest group by spending volume. They were followed by visitors from the UK at 14%, Kazakhstan at 11% and the United Arab Emirates at 6%.
The spending structure also varied by visitors' country of origin. Guests from the UK, the UAE and Germany allocated a larger share of their spending to dining, reflecting strong interest in Baku's restaurant scene.
Visitors from Saudi Arabia showed the highest share of spending on accommodation, while among visitors from Belarus, Kazakhstan and Georgia, spending on clothing accounted for a notable share.
Together, these data show how the race supports economic activity across various segments of Baku's tourism economy — from restaurants and hospitality to retail.
A more precise view of demand generated by major events
To go beyond a simple year-over-year comparison, the Mastercard Economics Institute used aggregated and anonymized Mastercard data and applied a synthetic control methodology, modeling what the level of foreign visitor spending would have been without the event.
This allowed MEI to identify the amount of spending directly linked to the event and show how this effect was distributed across different segments of Baku's tourism economy.
The findings highlight the broader role of major international events in supporting tourism-related industries and stimulating spending in the host city. They also provide businesses and government agencies with valuable insights into how visitor behavior changes during major events.
