Share to Facebook Share to Twitter Share to Linkedin Paris is gearing up to host the Olympics, but who's actually coming to the party? Getty Images With just 10 days to go before the Paris Olympics opening ceremony on the iconic river Seine, news surrounding the event is confusing—some outlets are reporting that tourists are keen to avoid a congested, overpriced city, while others are already reporting a triumph, with throngs of tourists already celebrating the most sustainable Olympic Games ever. The real picture is probably more opaque. People are traveling to Europe this summer.
Bloomberg reports that international tourists are expected to spend $872 billion in the European economy, as per a report from the European Travel Commission—many of them Americans and Chinese, and arrivals are already 6% above 2019 levels. It's clear that the demand to Paris isn't as high as expected, though. Air France reports an expected loss of €180 million ($196 million) in the current quarter, because people are avoiding the city, expecting overcrowding, congestion and inflated prices.
Likewise, Delta reported a $100 million reduction in bookings to Paris due to low travel volume. Some of the issue lies undoubtedly with the cost of tickets, not just accommodation. Many inexpensive tickets were available early on in lotteries, randomly accessible to French residents willing to join a waiting list, starting at around $26 for every sport.
So far, so good. These were limited, though, to ear.