The Seine River in Paris, once polluted, is now being utilized by Chase Bank as a unique venue during the Summer Olympics. The bank, in collaboration with Visa, is introducing a floating lounge exclusively for holders of the Chase Sapphire Reserve card. This initiative is just one example of the various marketing strategies being employed by companies during the Olympic Games.
Paris 2024 organizers are projected to generate approximately $1.3 billion in sponsorship revenue from a combination of domestic partners, including Accor and LVMH, and international partners such as Coca-Cola and Omega watches. Anheuser-Bush InBev has made history by becoming the beer sponsor for the Games, featuring a non-alcoholic brew as part of the event.
Despite the enthusiasm exhibited by companies, the response from fans appears to be more subdued. While Paris is anticipating 11.3 million visitors during the Games, only 10% of that figure is expected to come from outside of France, according to the city's tourism department.
Even hotels and airlines are expressing reservations about the Games, citing concerns about potential overcrowding, political unrest, and elevated prices as deterrents for visitors. Current occupancy rates at Paris hotels stand at around 80%, as reported by CoStar, a leading provider of travel data. This figure falls short of the nearly 90% occupancy rate observed during the 2012 London Games and the impressive 94% rate recorded during the 2016 Rio de Janeiro Games.
Flight bookings for the upcoming Games are projected to rise by a modest 10%, according to travel firm ForwardKeys. This figure represents a significant decline compared to the 115% surge in bookings witnessed during the Rio Games. Even the most recent Summer Games, held in Tokyo in 2021 without spectators, saw a 20% increase in flight bookings.
