Here we are. Paris 2024 is about to start (Friday) but if sponsors and wealthy spectators are booming (estimated turnover of 16.5 billion euros), bookings in the French capital are down 15% compared to last year. No driving force from the Games, on the contrary. Costs are too high and so tourists, according to current numbers, have chosen other destinations for this summer, leaving the event to sponsors and a circle of wealthy enthusiasts.
The organization of Paris 2024 will cost between 8.8 and 9.2 billion euros (far from the 14/16 billion euros of London, Rio and Tokyo) and sponsorships have exploded. Enthusiastic investments that have exceeded the expected billion, reaching 1.24 billion euros. But the response from tourism is not as brilliant, to say the least it is lukewarm. Bookings are the lowest in the last 25 years for any sporting event. The forecast was to welcome around 11.3 million visitors during the Games, but international tourists are absent, they are only 10%. The drop in attendance announced for Paris is 15% compared to the same period in 2023, hotel occupancy rates have fallen to 80% (in London in 2012 90% of hotels were full, in Rio in 2016 94%). Hotels have already recorded a 25% loss of revenue in June. Tourists began avoiding the French capital weeks in advance. Only Airbnb gained, with a new record: + 400% compared to last summer.
Why such a dampened enthusiasm for the Olympic City of Lights? The costs are too high. Starting with an Opening Ceremony reserved for those who can afford to spend up to 4 thousand euros. The 90 and 250 euro tickets sold out in a flash, they were few. And attending the competitions will not be much more accessible. They range from 500 to 2700 euros. For the closing event you will have to spend 1600 euros. One of the most expensive editions of the Games ever. Then you add everything else. Public transport prices have doubled, precisely for the Olympics and Paralympics period (from 20 July to 8 September). The single ticket from 2.15 euros is now 4 euros. The carnet of ten tickets costs 32 euros compared to 17.35 previously. Shuttle buses from the airports have gone from 10.30 (or 14.50) euros to 16 euros.
Same situation for the tourist tax in Paris. For a three-star hotel the price is now 5.2 euros against 1.88 in the normal period (from 1 euro to 2.60 euros for hostels). Prices have skyrocketed even for a hotel room. In 4-star hotels you need up to a thousand euros a night during the Olympics.
Air France-KLM’s statement commenting on the summer flight booking data is significant: “International markets are showing a significant desire to avoid Paris.” The estimate is a loss of 160/180 million euros for the company in the June-August quarter.
With two days to go, a tourist flop seems to be a reality for Paris 2024.
