Who Scores from Hosting Sports Events? Local Spending Evidence from the EURO 2024

<jats:p>Hosting mega-sports events generates optimistic projections of economic benefits, yet empirical evidence on actual local returns remains mixed. Focusing on the UEFA EURO 2024 in Germany, we provide causal evidence on short-term local consumption effects using anonymized daily card-spending data. Using a difference-in-differences and local-projection framework, we document a 3% increase in consumer spending in host cities during the tournament, driven almost entirely by international visitors. Effects are concentrated in the group stage, on match days, in city centers, and in tourist-facing sectors. Domestic spending exhibits spatial displacement but no aggregate crowding out.</jats:p>