The expertise economic system, fueled by gig-chasers and sports activities fanatics, is booming—and it’ll quickly be price $1.5 trillion

Sure, it’s the summer season, however seems, it’s additionally simply turn into the norm. Persons are going after experiences, fuelling the sports activities and music tourism trade, which is now set to double in measurement over the following eight years, in keeping with a report by Collinson Worldwide, a world journey firm that operates a slew of airport precedence and lounge packages.

It discovered that the sports activities and music tourism economic system, valued at $571 billion cumulatively in 2023, will balloon to $1.5 trillion by 2032. 

Tournaments just like the System One Grand Prix and the Euros have spurred the expansion of sports activities tourism, which accounts for a big piece of the expertise pie. Sports activities followers are among the many greatest spenders on journeys as over half of them pay greater than $500 per journey. 

“It is clear that sports and music tourism is booming and event travellers have high aspirations,” the report mentioned. 

Collinson’s analysis considers 8,537 vacationers who flew to an occasion—both internationally or domestically—from 17 nations.

The report identifies streaming as an added cause for this development as extra folks have interaction with worldwide occasions on-line.

System One is an instance of this—it has shot to fame in recent times, due to the Netflix sequence Drive to Survive. That has not solely pushed up viewership for the varied Grands Prix but it surely’s additionally lured extra folks to observe it in particular person, even when at a better price ticket.

“Revenge spending,” a development the place folks started splurging extra on experiences after pandemic-linked restrictions have been lifted, additionally has had a component to play. Reasonably priced journey has put these experiences additional inside the attain of individuals than earlier than.

“The growing and global fanbase that will travel to iconic sports and music events is looking for unforgettable experiences and are prepared to spend significantly to make their trip extra special,” mentioned Collinson Worldwide CEO Christopher Evans.  

This presents a giant alternative for companies and airline firms as lots of the expertise fans are prepared to journey internationally. These aged between 25 and 34—largely Millennials—are the most important spenders on each, experiences and at airports. Though airways have had a difficult 12 months to date, the rise of the expertise economic system might solely imply extra demand for journey sooner or later.

There’s been no dearth of alternatives for these looking for experiences out. Within the sports activities world, the FIFA World Cup befell in 2022 whereas the Paris Olympics are ongoing. Final 12 months, pop stars Beyoncé and Taylor Swift went on world excursions, and to date this 12 months, we’ve seen high-profile occasions like Eurovision 2024 in Sweden and the upcoming Lollapalooza in Germany.  

Whereas the occasions are unfold out all over the world, London, Paris, and Barcelona are Europe’s magnets for sports activities and music tourism, whereas New York and Dubai are additionally standard with experience-chasers.

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