D
H
M
S
Offer
Provide additional details about the offer you're running
FLASHSALE
The economic impact of the Paris 2024 Olympic and Paralympic Games in the Île-de-France region is estimated at between €6.7 billion for the low scenario and €11.1 billion for the high scenario over a 17-year period (2018-2034), according to a study published on Tuesday by the Centre de droit et d'économie du sport (CDES). The intermediate scenario is estimated at €9 billion.
The study on the economic impact of the Games measures the increase in economic activity within the Ile-de-France region compared with a situation without the Games, i.e. the net injection of revenue into the regional economic fabric.
"This does not give any indication of the profitability of the event," explained Christophe Lepetit, head of economic studies and partnerships at the CDES, before adding that it was difficult to compare with previous editions where other methodologies had been used.
For its study, the CDES divided the impact into three phases - preparation (2018-2023), staging (2024) and legacy (2024-2034) - and three sectors - organisation, construction and tourism.
Christophe Lepetit pointed out that "it is in the tourism sector that there is the most uncertainty."
"Paris and the Ile-de-France region will be welcoming nearly 16 million visitors, including around 2 million foreign visitors," added Olivia Grégoire, Minister Delegate with responsibility for Tourism, at a press conference.
"For every euro of public spending, we generate three euros of economic impact in the Paris Region," stressed Christophe Lepetit. Public spending was estimated by the Cour des Comptes at €3 billion in July 2023.
As part of this study, the Organising Committee stated that 88% of the contracts awarded by Paris 2024 were won by French companies - 66% in the Paris Region - 79% of which were very small businesses.
Paris 2024's purchasing budget amounts to €2.7 billion (out of a total budget of €4.4 billion) and represents some 850 invitations to tender already issued, resulting in 1,400 contracts signed with nearly 3,000 companies (2,400 direct suppliers and 600 subcontractors).
Read More: Your Fashion Guide to 2024 Paris Olympics, How Smaller Brands are Scoring Big with Olympic Uniforms, Sports & Fashion: Game, Set, Match
Source: Fashion Network
MADE Trends is a Fashion Trend Forecasting agency with a focus on Trend Analysis and Future Predictions. Uncover winning strategies with data-driven trend forecasting & consumer insights. Explore shoppable trends & industry news.
Related posts
2 min read
How to Navigate Gen Z’s Economic Nihilism
Gen Z is coming of age in an era defined by instability. They have grown up through pandemics, recessions, climate...
1 min read
The Forgotten Generation That’s Anything But
Generation X has long been overshadowed by millennials and Gen Z, yet they quietly hold immense buying power. A a...
2 min read
Everything Millennial Is Cool Again
Millennial trends are experiencing a vibrant revival as Gen Z and Generation Alpha reinterpret the cultural markers of the early...
Legacy teen brands like Hollister, American Eagle, and PacSun are experiencing a surprising revival, fueled by Gen Z’s fascination with...
2 min read
Trend Fatigue Has Set In
Social media’s firehose of microtrends has left many Gen Zers feeling exhausted, anxious, and disoriented as “it” items cycle faster...
2 min read
Riding the Silver Tsunami
For decades, baby boomers have been the backbone of the American workforce and economy. Now, as 73 million of them...
2 min read
It's A WAGs World & We're Living In It
Wives and girlfriends of athletes (WAGs) have long held a place in the public eye, but their influence has amplified...
3 min read
Fashion’s Biggest Super Bowl Ever
Pre-Game Runway Shows and Red Carpets The Super Bowl has become a prime platform for fashion brands, and this year's...
3 min read
The ‘Sephora Kids’ Aren’t Going Anywhere
"Sephora kids," tweens with a penchant for high-end skincare and makeup, have become a familiar sight in cosmetics stores. Driven...
Alo Yoga is pioneering a wellness-focused approach within the high-energy gaming world of Roblox. Since its 2022 launch, Alo Sanctuary...
The pursuit of longevity has transcended mere wellness trend status, becoming a major investment opportunity. Switzerland's Clinique La Prairie, a...
3 min read
The Future of Online Resale Is Offline
The online luxury resale market, pioneered by companies like Fashionphile, is increasingly embracing physical retail. Fashionphile, founded in 1999, initially...
The Super Bowl has become a massive marketing spectacle, with brands increasingly recognizing the growing power of its female audience....
3 min read
Designing Fashion In The AI Era
Enhancing Creativity and Streamlining Workflows Artificial intelligence is rapidly transforming the fashion industry, particularly in design. While AI's impact on...
The rise of hotel-branded merchandise has transcended mere souvenir status, evolving into a coveted symbol of belonging and a subtle...
From the halftime show to the commercials, the Super Bowl is a cultural event that transcends the sport itself. This...
In the wake of devastating wildfires across Los Angeles, fashion and beauty brands are stepping up to provide relief to...
3 min read
What Comes After TikTok’s Wild Weekend
The Weekend of Whiplash This weekend, creators and influencers experienced a whirlwind of emotions as the long-anticipated TikTok ban in...
Luxury on a Budget: Walmart Enters Resale Market Walmart, the retail giant known for its everyday low prices, is making...
As the potential ban of TikTok in the US looms, social media platforms are scrambling to capture the massive user...
Target Corp. delivered a strong performance during the holiday season, exceeding expectations with stronger-than-anticipated revenue growth in November and December....
3 min read
Luxury Marketing is Taking on Gaming
Manolo Blahnik, the iconic footwear brand, is making a bold move into the metaverse with a new partnership with Drest,...
TikTok's recent temporary ban in the US sent shockwaves through the social media landscape, creating an unexpected opening for competitors...
How the Fashion and Beauty Industries are Responding to the Los Angeles Fires As devastating wildfires ravage Los Angeles, the...
6 min read
The Decline and Fall of the Viral Microtrend
From cottagecore at the height of the pandemic to 2022’s coastal grandmother to 2023’s “Succession”-inspired quiet luxury all the way...
The fashion industry grappled last year with the pervasive influence of the algorithm, the data-driven engine powering online recommendations. While...
While a post-pandemic world promised a return to normalcy, stress levels have instead surged. This has fueled a burgeoning wellness...
2 min read
How to Keep the Gen-Z Fragrance Boom Going
Gen-Z has revolutionized the beauty industry, from acne stickers to faux freckles. Fragrance, however, has felt their impact most acutely....
4 min read
Tick-Tock: The Return of the Non-Smart Watch
First he ditched the grey hoodie. Then he grew out his curls. Now Mark Zuckerberg is shifting the styling focus...
Over the past five years, the luxury industry experienced a period of exceptional value creation. Between 2019 and 2023, unprecedented...
Sound the alarm for Y2K fans everywhere: Juicy Couture and Madhappy have teamed up for a limited-edition apparel collection capturing...
Repeating outfits: in. People pleasing: out. Paying with cash: in. Photo dumps: out. A quick trawl through social media and...
Consumers are balancing the line between fast fashion and quiet luxury. A recent survey by Radial found that shoppers are...
TikTok Shop, the video app's e-commerce platform, has rapidly emerged as a viable alternative to Amazon for retailers. The platform's...
Heading into holidays some expect to disappoint, Wall Street investors like Goldman Sachs are using new ways to monitor shoppers'...
Black Friday and the initial days of the Cyber Five shopping period proved to be a significant driver of holiday...
Green Friday, a sustainable alternative to Black Friday, is gaining momentum as consumers become increasingly aware of the environmental and...
Amazon's recent launch of Amazon Haul, a storefront exclusively dedicated to ultra-low-priced products, is a strategic move that taps into...
Nearly five months after the height of “Brat” summer, Charli XCX’s selling power has hardly waned. Charli XCX's enduring popularity,...
While Gen Z and Millennials are gearing up to splurge on holiday shopping, Baby Boomers are taking a more conservative...
1 min read
How Brands Can Beat the E-Commerce Slowdown
While e-commerce has seen significant growth in recent years, consumer attitudes towards the channel are evolving. Instead of the projected...