Major sporting and cultural events fuel surge in hotel room prices and airline tickets in Europe
European hotel, restaurant and bar owners are eagerly anticipating a busy summer as millions of people flock to the Euros football tournament, Taylor Swift concerts and the Olympics. But one group is less excited: central bankers worried about sticky inflation. The rush to major sporting and cultural events is already fuelling a surge in prices for many items in high demand in Europe, including hotel rooms and airline tickets.
“Football fans dominate the scene at the moment,” the brewery’s marketing manager Thomas Deloy said, adding that every table had been reserved for “months in advance” on evenings when the German team was playing. Andree Haack, deputy mayor of Cologne, cited a study that found non-resident fans attending the recent European basketball tournament in the city spent €750 a day on average and predicted that this would be surpassed by those visiting for the football.
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