Tourists avoid Paris because of the Olympics

While tourism stakeholders thought the Olympic Games would be a boon for filling their pockets, it turns out that international tourists will avoid the French capital this summer. In a statement published on July 1, Air France and its low-cost subsidiary Transavia France announced that they foresee a decrease in revenue for this summer season, attributable to the Olympic Games. "A significant behavior of avoiding Paris is observed in international markets." the statement reads. This avoidance can be explained by potential traffic difficulties, restricted access to tourist sites, and constraints related to security measures. Additionally, the risk of attacks, particularly concerning for Asian and American tourists, increases this reluctance. It also appears that locals are postponing their vacations until after the Olympics or considering alternative trips. According to the Air France-KLM group, the number of trips from Paris to other destinations is also lower compared to the usual average for the June-August period. In figures, this could mean that the Air France-KLM group would see its sales decrease by 160 to 180 million euros this summer.

The disappointment is the same for property owners who hoped to rent their properties at premium prices during the Olympic events. Unfortunately for them, average rental prices keep plummeting. According to statistics provided to Capital by the OptiRental group, specialized in the commercialization of tourist furnished rentals, the prices of tourist rentals have indeed fallen by 11% in Paris. The reason? An increase in supply forces the market to regulate the price, coupled with low demand. AirBnB confirms the trend: ​​"As anticipated, the increase in available supply during the Games regulates prices." The luxury travel agency Global Travel Moments also reported that its clients are postponing their trips to Paris, citing security concerns and high costs, exacerbated by the early elections. The financial eldorado promised by the Games seems distant...