The 2024 Summer Olympics are currently taking place in and around Paris until August 11. This event is not only a time for sports fans to support their countries’ athletes but also has significant economic implications. Officials estimate that the Paris area will see an influx of $12.2 billion due to tourism, new infrastructure, and more.
While local Parisian businesses are expected to benefit from the surge in customers during the Olympics, several major international companies are also likely to feel the impact. Let’s take a look at five companies that are expected to be affected by the 2024 Paris Olympics.
Nike, a leading footwear and athletic apparel company, has been preparing for increased business surrounding the Olympics. They recently hosted events in Paris to showcase new products and connect with athletes participating in the Games. Analysts believe that this strategy is part of Nike’s efforts to regain market share and shift towards a more aggressive marketing approach.
Comcast, the parent company of NBCUniversal, will be airing the Olympics, including through their streaming service Peacock. With the Olympics being one of the most-watched live sporting events globally, NBCUniversal has already secured a record $1.2 billion in ad commitments for this year’s Games.
Delta Air Lines, on the other hand, is not expecting a positive impact from the Olympics. The CEO has stated that tourists may avoid Paris this summer due to the Games, potentially costing Delta $100 million. This comes after Delta’s second-quarter earnings fell short of expectations.
Airbnb, an online homestay marketplace, has seen a significant increase in bookings in the Paris region during the Olympics compared to last year. They have also noted a rise in interest in other regions of France where Olympic events will take place. Analysts believe that Airbnb’s benefits could extend beyond the Games, potentially leading to an increase in new users trying the service.
Ralph Lauren, the apparel company, has designed uniforms for Team USA for the ninth time at this year’s Olympics. Analysts have praised the uniforms for blending Ralph Lauren’s classic style with a modern and sporty twist. These uniforms will not only be worn by athletes but will also be available for purchase by consumers, further promoting the brand.
In conclusion, while the 2024 Paris Olympics are a time of celebration and competition, they also have wide-reaching effects on businesses across various industries. From apparel companies like Nike and Ralph Lauren to travel companies like Delta Air Lines and Airbnb, each company is preparing for or facing the impact of this global event.
