We might not be cheering on the Boys in Green in Germany this summer but that doesn’t mean we won’t be spending more time – and money – following Euro 2024, not to mention Ireland’s prospects at the Olympic Games in Paris next month.
Analysts believe this summer could prove something of a fillip for Europe’s beleaguered hospitality and travel sectors.
New Morningstar research suggests interest in Euro 2024, which kicked off last Friday, is likely to boost the pub trade across the Continent. That’s particularly the case in countries actually represented at the tournament and, naturally, the benefits will be “more meaningful” for pubs in those nations that put together a lengthier run in the competition. Yet, despite the “temporary” nature of the impact, Morningstar expects interest in the tournament to “provide much-needed liquidity” to pubs and bars, “considering the industry has faced a difficult operating environment over the past few years”.
Equally, the Paris Olympics are proving to be a godsend for Europe’s travel and tourism-adjacent industries, according to the report. Hotel prices in the French capital have already spiked, as millions of tourists prepare to descend. “In Paris, hotel prices during the summer Olympics have increased by up to 70 per cent,” according to the report, “compared with the 2024 average. Similarly, in Germany, the standard room prices for hotels located in one of the 10 host cities have increased by 57 per cent compared with the six-month average to August 2024.”
Airlines, – many of which, like Ryanair, are expecting to carry record numbers of passengers – as well as hotels and other accommodation providers are expected to be the main beneficiaries of this temporary boom. But food outlets “will also enjoy a boost”, Morningstar said.
Of course, people only have so much money to spend. So will this summer boost for hospitality impact on spending across the hospitality sector for the rest of the year?
Source link : https://www.irishtimes.com/business/2024/06/18/summer-of-sport-an-open-goal-for-europes-pub-and-travel-trade/
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Publish date : 2024-06-18 05:01:30
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