((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto)) by Doyinsola Oladipo
Luxury travel agencies in the United States are seeing weak demand for the Paris Olympics so far, with wealthier travelers opting instead for nearby destinations in Europe.
Olympic hosts often see an increase in visitor numbers, but travel agencies say bookings for the Paris Olympics, which will be held from July 26 to August 11, are coming from more modest travelers. European luxury retailers LVMH and Cartier have already said they are banking on a boost in revenue outside France from wealthy travelers avoiding Paris during the Games.
As of the end of May, the United States was the originating market that issued the highest number of tickets for Paris arrivals during the Games, according to Forward Keys, an airline ticket data company based in Valencia, Spain. Tickets from the United States to Paris are on track to increase 37% year-over-year compared to the same period in 2023.
“We definitely see people going to Paris,” said Misty Belles, a spokeswoman for luxury travel agency Virtuoso. “But is it as robust as it could be? I can’t say it is”
Virtuoso’s bookings for summer trips to Paris were up 172% from the previous year, but bookings for France as a whole were down 22% from the previous year. Their customers are instead turning to Spain and the United Kingdom, where summer bookings are up 44% and 10%, respectively, compared to 2023.
Miami-based luxury travel concierge The Prelude said it has received inquiries about tickets and packages for the Olympics, but bookings have not yet gone through.
“Given the nature of the clients we deal with and the fact that the Olympics won’t take place until July, I expect we will start receiving many more inquiries around mid-to-late June June,” said Stefan Di-Finizio, founder of The Prelude.
High-net-worth individuals don’t plan their stays as far in advance, which is reflected in hotel availability at top properties, including the Four Seasons, he added. The Four Seasons Hotel George V in Paris declined to respond to a request for comment.
However, Sébastien Bazin, CEO of the Accor group
ACCP.PA , told an industry conference in New York in early June that hotel bookings for the Olympics were not “extraordinary.”
“In Paris, the occupancy rate will be 85%, but it’s not that different from the previous year, without the Olympics… it won’t be as extraordinary as we would have hoped,” he said. he declared.
Occupancy at luxury and upscale hotels is expected to increase 9.1% in August from a year earlier, according to CoStar, a commercial real estate data firm, as 11 days of gaming are planned during this period. Room rates are expected to increase by 73% over the same period.
CoStar expects July occupancy to decrease 0.5% from a year earlier.