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Impact of London Olympics According to Tweeters

ABSTRACT The theme of our paper is the impact of London Olympics 2012 on the economy of England as stated by people on social media. Overspending money on Olympics by the host country with the hope of giving a huge boost to the economy is an age old phenomenon. With an estimated cost of £9.3 billion ($14.8 billion), the economy of England is expected to get a boost, according to the British government, as there were 300,000 people in London to attend the games on top of 600,000 tourists. Only time will tell the real economic impact, but for now we are more interested in knowing what people have to say about the spending on the Olympics. For the purpose of analyzing sentiments of the people, we collected tweets between July 20 and August 15 by putting a filter of “Olympics AND economy”. We have used Text Mining Node on SAS Enterprise Miner 7.1 and SAS Sentiment Analysis Studio to build the models and analyze the results. Our results showed us that negative sentiments prevail among people and their confidence in the British economy is minimal. Even though the government of England is very optimistic about the boost that they anticipate in near future, people are certainly pessimistic. We get Text topics characterized by words such as ‘failure’ and ‘empty’ to describe the economy. We further divided the data into negative tweets and positive tweets to compare the word ‘Olympic’ by building concept linking diagrams. In the positive cluster, we get words such as good, boost, and growth etc. In the negative cluster, we get words such as empty, city, and Greece. The dataset is also run on Sentiment Analysis Studio to corroborate our findings. Towards the end, we have also created a trend that tracks changes in the sentiments of people over the three-week period during which the Olympics were going on.