*in partnership with Mastercard
TRADITIONAL MARKETS ARE SLOWING DOWN
We estimate that 5.1 million tourists visited Greater Paris in January and February, down 2.7% on 2023. The hotel occupancy rate was 62.9% over the same period (down 1.8 pts).
We do not expect any lasting improvement in the economic situation this spring. For April, we are seeing a slowdown in expected arrivals from our traditional European markets (-18.8%, including -11.3% for Great Britain and -31.3% for Germany) and from the United States (-4.5%), partially offset by continued growth in certain distant markets: China (+221.0%), Japan (+53.4%) and South Korea (+20.6%). Markets in the Middle East are expected to grow by 15.3%. These figures should be seen in the context of the shift in the Easter weekend (31 March 2024 vs 9 April 2023) and the end of Ramadan (9 April 2024 vs 20 April 2023).
To date, the first fortnight of May looks set to be a good one for tourism, boosted by the long weekends and the four Taylor Swift concerts at the Paris La Défense Arena (9-12 May). The trend looks set to be measured for the final stretch up to the Olympic Games (-10.1% in forecast air arrivals vs 2023, to date, between mid-May and mid-July).
*April 2024
INTERNATIONAL AIR ARRIVALS FORECAST
HOTEL RESERVATION RATE AT 18 MARCH
Occupancy forecasts to date for the first ten days of April are down 5 pts.
The Olympic Aquatic Centre was completed in March, a month ahead of schedule.
International air arrivals for the Olympic Games to date are up 45.5% on 2023.
Hotel prices - Greater Paris: prices have fallen by 13.5% for the Olympic Games period (€452.90) and by 12.2% (€223.90) for the Games period, compared with prices at the start of the year. Average prices in Greater Paris were €202 in July 2023 and €161 in August 2023.
