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$1.5 trillion in revenue from concerts and sporting events by 2032

2024-08-10 12:08:12Lifestyle SHKRUAR NGA REDAKSIA VOX

$1.5 trillion in revenue from concerts and sporting events by 2032

People are looking for experiences, fueling the sports and music tourism industry, which is now set to double in size over the next eight years, according to a report from Collinson International, a global travel company that operates a number of priority airport programs and salons.

The sports and music tourism economy, worth $571 billion cumulatively in 2023, will reach $1.5 trillion by 2032.

Tournaments such as the Formula 1 Grand Prix and the European Championship have fueled the growth of sports tourism, which is a large part of the 'experience economy'. Sports fans are the biggest spenders on travel, with more than half paying more than $500 per trip.

Collinson's research looks at 8,537 travelers who flew to an event – ​​either international or domestic – from 17 countries.

Those between the ages of 25 and 34 are the biggest spenders at both organized event venues and airports. Although airlines have had a tough year so far, the rise of the 'experience economy' can only mean more demand for travel in the future.

In the world of sports, the FIFA World Cup took place in 2022, while the Paris Olympics are ongoing.

Last year, pop stars Beyoncé and Taylor Swift went on world tours, and so far this year, we've seen high-profile events like Eurovision 2024 in Sweden and the upcoming 'Lollapalooza' in Germany.

While in events spread across the globe, London, Paris and Barcelona are Europe's magnets for sports and music tourism, while New York and Dubai are also used to this category of tourists.

 

 


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