Every year since 1946, the Cannes Film Festival has attracted thousands of professionals and lovers of the seventh art. The 77th edition, from 14 to 25 May 2024, was no exception, attracting almost 35,000 festival-goers. As every year, the impressive surge in hotel performance deserves an Oscar, especially when it comes to average prices. Let's return to the red carpet together and discover the hotel prowess of the mid-range and top-of-the-range establishments.
The city of Cannes estimates the economic spin-offs at over €200 million, highlighting the festival's major financial impact on the region and beyond. At the heart of all the excitement, 4,000 journalists from all over the world covered the latest film news, while the population of Cannes tripled to 230,000 during the event. Behind the scenes, over 1,000 people worked tirelessly to ensure the smooth running of the event, highlighting the commitment and determination that underpins every edition of this festival.
Hotel performance of mid-range and top-of-the-range hotels - Cannes
While occupancy rates have remained stable, average prices have risen compared to the previous edition in 2023
- The cumulative occupancy rate for the period 14 to 25 May 2024 was 89.3%, showing a stabilisation of +0.2 points compared to the previous year.
- The cumulative average price reached €1305.7, a significant increase of +6.8% on the previous year, reflecting the appeal of the event and visitors' willingness to pay high prices to attend the festival.
- Overall, cumulative RevPAR rose by +7.1% to €1166.6.
This spectacular increase in average prices during the festival bears witness to the specific nature of the Cannes hotel market, where rates, which are naturally high compared to other markets, have sometimes been multiplied by five, underlining the appeal of the upmarket sector in this sought-after destination.
Before the Cannes Festival
During the period from 1 to 13 May 2024, the cumulative occupancy rate reached 65.1%, showing a remarkable increase of +11.4 points on the previous year. The cumulative average price was €359.9, down -5.4% on the previous year, while the cumulative RevPAR was €234.2, a significant increase of +14.7%. These figures highlight the clear impact of the event on rate adjustments and occupancy rates.
Week VS week-end -
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