If you think of Cannes, you probably think of glamorous beaches,
fancy hotels
and red carpets.
The city is home to star-studded events including
the Cannes Film Festival and the Cannes Lions Festival.
These events have put Cannes on the world stage and given a big boost to the local economy.
The Palais is the motor of the economy of the town.
We have in the year more than 52 business events.
The Palais des Festivals, where the festivals take place,
says its events bring in €855 million in economic impact - that’s nearly one billion dollars.
And the events generate nearly 14,000 jobs, too.
Local businesses in Cannes like this wine shop keep close tabs
on festival schedules to make sure they’re stocked up.
After all, what’s Cannes without rosé?
Are there more rosé sales during this time for you?
Yeah, and especially the big formats, the big bottles.
The magnum bottles?
Yeah the magnums and even bigger. The jeroboams are a big seller as well.
So for business, it’s good to have everyone come visit?
Always good for business when there’s people visiting Cannes.
Meanwhile hotels here rely on events for a large share of their annual revenue.
So you can see the price of this room triples during festival season.
The economic benefits for Cannes, and costs for visitors, go beyond food and lodging.
Companies that want to make an impression here have to be willing to shell out.
The cost to dock a yacht all week here at Cannes Lions is around $30,000
and that doesn’t even include the price of the yacht itself.
Extravagant costs at festivals like Cannes have led to criticisms
the events are elitist and out of touch.
This year Cannes Lions responded by teaming up with local restaurants
to offer festival-goers more affordable meals.
This is my dad.
Here at Pizza Cresci, owner Ludovic Cresci says he doubles turnover during festival weeks
and he still insists on keeping prices low.
We always want that everybody feels the same.
Whether you’re somebody really anonymous or a big star, you’re treated the same way.
So everybody enjoys it.
You like the idea that everyone’s welcome?
Exactly.
And do the prices reflect that do you think?
Yes, I mean we have very basic prices.
That’s the main idea of the concept my dad started.
The idea was having a dish that would not cost more than a ticket to go to the movies.
At the end of the day, packed pavements at restaurants like Pizza Cresci show Cannes
could be a model for other places looking to make a name on big industry events.
Hey everyone, Elizabeth. Thanks so much for watching.
Wnat to know more about Cannes Lions? Check out our CNBC Explains over here.
Let us know what you think in the comments section and be sure to subscribe.
See you later!