Euro 2024 will add 1 billion euros to Germany’s economy, with the influx of visitors boosting spending on tourism-related businesses.
Tom Anstey | Planet Attractions | June 17, 2024
Euro 2024 will generate around 1 billion euros in Germany thanks to football tourism Credit: UEFA
Football fans are flocking to Germany for the Euro 2024 international soccer tournament, which is expected to bring in around 1 billion euros ($1.1 billion, £845 million) in revenue for the country from the influx of foreign tourists.
According to the Go Institute, football tourism related to the tournament will boost German economic output by about 0.1% in the second quarter.
“The start of the 2006 World Cup in Germany saw a 25 percent increase in foreign tourist arrivals and overnight stays,” said Jerome Wolf, a researcher at the Ifo institute.
“If we use this as a benchmark for the 2024 European Championships, we can expect an increase of over 600,000 foreign tourists and 1.5 million extra overnight stays during the championships.”
Although the tournament has had a small impact on Germany as a whole, it has had a major impact on tourism-related businesses such as hotels, attractions and restaurants.
“From a macroeconomic perspective, these kinds of large scale events tend to have relatively small impacts, except for tourism,” Wolf said.
“Domestic consumers will likely temporarily increase spending on hospitality and food retail during the tournament, but will spend less in other areas, so overall private consumption is unlikely to be affected – at least, that is what the experience of the 2006 World Cup suggests.”
Euro 2024 will be held across 10 stadiums in Germany, with the tournament kicking off on June 14 and running through to the final on July 14.
