The 2024 Paris Olympics, while a global spectacle, had a disappointing impact on local businesses. Many experienced significant revenue declines due to strict security measures, inflated accommodation costs, and a concentration of tourists around Olympic venues.
A 39-year-old YouTuber and creator of Paris in My Pocket, a digital guide to the city, experienced a 35% decline in revenue in 2024, attributing the downturn to the Olympics. Jay Swanson, whose business relies on ad revenue, Patreon subscriptions, and guide downloads, saw his income drop from around $156,000 in 2023 to just under $96,000 in 2024. Swanson's experience was not unique.
Strict security measures implemented for the Games disrupted traffic flow, making it challenging for businesses to attract foot traffic. Hotels, shops, and restaurants reported sales declines of up to 70% in the days leading up to the Games.Prior to the Olympics, soaring prices for hotels and Airbnbs fueled by the anticipation of increased tourist spending deterred many potential visitors. In late July 2024, average hotel prices surged by 70% compared to the previous year. Swanson believes these inflated prices scared away a significant number of tourists. He observed that visitors primarily focused on Olympic events, neglecting other attractions they might have explored through guides like his. Many cultural institutions, including the Louvre and the Orsay Museum, witnessed a substantial drop in visitor numbers during the Games.While locals may have stayed away from the city center, businesses had been anticipating an influx of tourists who would patronize their establishments. The government encouraged businesses to increase staffing to accommodate this expected surge in visitors, but the influx never materialized. Swanson notes that businesses ended up spending more to stay afloat while facing significantly reduced customer traffic during the Olympics. He expressed concern that the Games had a detrimental impact on local businesses, leaving many in a precarious financial situation
OLYMPICS PARIS BUSINESS REVENUE TOURISM SECURITY INFLATION
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