Tourists attending the European Championship in Germany are adding around one billion euros to the nation's economy.
In the second quarter of 2024, the increased room rates and sales in the hospitality sector are expected to contribute to a 1.3% boost in price-adjusted service exports, as calculated by Ifo. However, this growth will be short-lived, with service exports decreasing by the end of the event in July, resulting in a decrease in the third quarter.
According to Ifo-Conjuncture Chief Timo Wollmershauser, the overall economic impact of such events is minimal. While consumers spend more on the hospitality industry and food retail sector during the games, they tend to cut back on other expenses. As seen in the World Cup of 2006, this shift in spending is unlikely to significantly affect private consumption.
Read also:
The European Championship tourists are contributing to Germany's economy with their spending, amounting to approximately one billion Euros. Despite the increased spending during the European Football Championship, Ifo-Conjuncture Chief Timo Wollmershauser predicts that the overall economic impact will be minimal, similar to the World Cup of 2006. As Germany hosts the upcoming European Championship, it can be expected that the European Championship tourists will contribute to the nation's economy with their expenditure.
