Paris 2024: Olympic Games as an engine for economic growth and technological innovation

The Paris 2024 Olympic and Paralympic Games are not only shaping up to be a major sporting event, but they are also emerging as an economic catalyst for the French capital and other cities across the country. With the participation of around 10,500 athletes from 206 countries, these Games are expected to generate a significant impact on the local economy through tourism, trade, and technological innovation. Since being designated as the host city, Paris has prepared to welcome millions of visitors, leading to an increase in economic activity. Visa, the official payment technology partner of the Games, has implemented a contactless payment system at 3,500 points of sale across 32 Olympic venues and 16 Paralympic venues. This technology not only facilitates transactions but also promises a smoother experience for attendees, thus contributing to the economic dynamism of the event. Charlotte Hogg, CEO of Visa Europe, has highlighted the role of the Games in boosting local economies. "We know firsthand the impact that the Games can have in driving the economies of host countries," she states, emphasizing the company's long-standing relationship with the Olympic movement. This focus on payment technology has allowed small Parisian businesses to experience a remarkable increase in sales, with a growth of 26% during the first weekend of the Games compared to the previous year. The increase in spending is not limited to direct sales. According to preliminary data, sectors such as theater, gastronomy, and leisure have also seen impressive growth. A 159% increase in spending on theaters and museums has been reported, while restaurants and food products have recorded increases of 36% and 42% respectively. These figures reveal that the Games benefit not only large corporations but also have a direct impact on the lives of small merchants and the cultural offerings of the city. However, the scope of this impact is not limited to Paris. Cities such as Lille, Saint-Étienne, and Marseille have also seen a notable increase in tourism. Lille, for example, recorded a 188% increase in visitors, while Saint-Étienne and Marseille grew by 150% and 48%, respectively. This suggests that the event is helping to redistribute tourism across France, benefiting various localities. The figures also show that during the period of the Games, there was a 42% increase in the number of Visa cardholders traveling to Paris, highlighting the city’s appeal as a tourist destination in this context. In terms of spending, the UK leads with a 42% increase, followed by Latin America and the Caribbean with 34%, and the United States with 32%. These figures indicate how the Olympic Games attract not only sports enthusiasts but also thousands of tourists eager to experience French culture and hospitality. In addition to the economic aspects, the Paris 2024 Games have incorporated technological innovations that are changing the way competitions are conducted. Sports facilities have adopted technologies such as "Smart Stadiums," wearables, and sensors, which not only optimize athlete performance but also assist coaches and referees. Generative artificial intelligence has played a crucial role in planning training and competitions, providing relevant real-time information. With the growing interconnection between technology and sports, Paris 2024 positions itself as a laboratory for innovation. This not only benefits athletes and teams but also sets a precedent for future sporting events in terms of integrating technological solutions to enhance the experience for everyone involved. In conclusion, the Paris 2024 Olympic and Paralympic Games are proving to be an economic engine for the French capital and other cities across the country. With a focus on technology and support for small merchants, the local economy is experiencing a significant boost. At the same time, the event presents itself as a platform for innovation in the sports realm, projecting Paris not only as a tourist destination but also as a benchmark in the era of digitalization and sports.