2024 Olympics’ impact on Paris economy: Estimated cost of hosting; Team USA’s medal count predictions and more
100 years after hosting the Olympics, the French capital is again taking back the reins for the 2024 Summer Games, set to kick off on July 26. With larger-than-life responsibilities to shoulder, Paris is likely to spend more to bear its banner as the host nation than its tourism revenue returns.
According to personal-finance website WalletHub’s Paris 2024 Olympics report, the estimated cost of the forthcoming international multi-sport event in the European city could exceed $8.2 billion.
Other statistics also reveal that 45,000 security personnel will be employed for the Paris Games this year.
Consequentially, despite Paris being the most susceptible European city to heatwaves, 40,000 people will participate in the 26-mile “Marathon for All” on August 10 at 9 p.m.
While Paris is readying the path for the thousands of global sports stars to walk and tread this Summer, each team is preparing for its departure from the home cities to arrive at the 2024 Olympic City ahead of the July 26 commencement.
Team USA predictions for the 2024 Olympic Games
With a diverse roster boasting lineups with varied expertise, the red, white, and blue nation has often been draped in gold. According to Nielsen’s Gracenote’s Virtual Medal Table forecast, Team USA is once again predicted to top the medal count with 123 medals.
If all goes according to the projected vision, American athletes are expected to bring home 37 gold, 34 silver and 52 bronze medals. This latest estimation exceeds the 2020 Tokyo Olympics wins by 10 medals. Moreover, if these projections bear any fruit in reality, the American team would pick up more medals than any other nation in the Summer Games tally for the eighth consecutive time.
On Wednesday, July 10, the US and Paralympic Committee unveiled the complete final roster for the upcoming Olympic showdown. 592 athletes will represent the nation across 31 sports in the French capital.
The roster welcomes back glorious Olympians, including gymnast Simone Biles, swimmer Katie Ledecky and sprinter Noah Lyles, who are yet again presumed to lead as gold-medal champions this year.
With hundreds of first-timers from the United States on the Olympic podium, the players’ ages range from 16 to almost 60, with gymnast Hezly Rivera being the youngest.
According to NBC, the equestrian team’s Steffen Peters, who will celebrate his 60th birthday in September, is the oldest American athlete competing at the Summer Olympics since 1936.
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“Since the United States Olympic team has historically performed very well at the Summer Games, I think it is highly likely that the United States teams will secure a top finish in the medal count, especially in sports like gymnastics and basketball,” High Point University assistant professor Nicholas Buzzelli told WalletHub.
University of California professor John Grady chimed in: “I think that Team USA will prevail in the medal count. However, what might be surprising to those watching from home is all the new fresh faces that will be highlighted on the Paris 2024 roster for Team USA. This comes after a long run of well-known Olympians like Michael Phelps who were household names and drew instant attention and viewership [as] well as brand power for sponsors. This year’s Team USA does include some veteran Olympians like Simone Biles, Caleb Dressel, Sha’Carri Richardson, and Katie Ledecky who should be able to help carry the medal count for Team USA.”
Safety tips for tourists heading to the 2024 Paris Olympics
As the raging alarms for the soon-to-take-off sports flight get even louder, experts have also shared their takes on the matter.
In addition to thousands of athletes coming to Paris this July, one the French capital is also reportedly expecting over 15 million visitors during the Olympics, which will undoubtedly result in a whopping hotel price inflation for the Olympics opening night. According to WalletHub, this increase is estimated to be 200%.
With a staggering influx of masses to the Parisian locales, one can’t dispose of vital safety tips.
Nicholas Buzzelli said, “Tourists from the United States visiting Paris for the Olympic games are to always stay informed of one’s surroundings, know the local laws and customs (especially social norms), and also register with the United States Embassy abroad. This is important because a tourist would need to be able to locate and communicate with the Embassy in a very worst-case scenario.”
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Meanwhile, Dennis Deninger at Syracuse University said, “Try not to stand out as a potential target for thieves who prey on unsuspecting tourists. Be aware of your surroundings at all times and travel in groups whenever possible.”
Boost to Paris’ visibility as the 2024 Summer Olympics host
As for the Olympics’ impact on Paris’ economy, Deninger also remarked that “An estimated 3 billion euros in public funding and 7 billion more in private funding, including media rights and sponsorship, are being spent on the Paris Games.”
“Tourists travelling to the Games are expected to spend an additional 2.6 billion euros. The impact on the Paris region is huge and will be felt well into the next decade.”
On the other hand, John Grady, a professor at the University of South Carolina, pointed out that more than anything else, such a mega sporting event will inevitably add “visibility to the host city as a tourism destination, enhancing its tourism prospects and destination image among potential tourists for quite some time after the Games have ended.”
Moreover, as the first Summer Games “with a full capacity of spectators since the pandemic,” “this Olympics also presents a unique opportunity to highlight French global brands like Louis Vuitton as domestic sponsors of the event and will likely showcase blending luxury fashion with elite sport during the Games using competing athletes as brand ambassadors.”
