The experiential economy of sports and music tourism will be worth $1.5 trillion by 2032
Everyone seems to be “chasing the vibe” lately—whether it’s Taylor Swift latest concert in Zurich, a music festival in Berlin, or the Olympics in Paris.
Yes, it’s summer, but it turns out it’s also just becoming the norm. People are chasing experiences, fueling the sports and music tourism industry, which is set to double in size over the next eight years, according to a report. by Collinson Internationala global travel company that operates a range of airport and lounge priority programs.
The report found that the sports and music tourism economy, worth a cumulative $571 billion in 2023, will grow to $1.5 trillion by 2032.
Tournaments like Formula 1 and the European Championship have fueled the growth of sports tourism, taking a large slice of the experiential pie. Sports fans are among the biggest spenders on travel, with more than half of them spending more than $500 per trip.
“It is clear that sports and music tourism is booming and event visitors have big ambitions,” the report said.
Alex Bierens de Haan—Getty Images
Collinson’s study looked at 8,537 travelers flying to an event — international or domestic — from 17 countries.
The report identifies streaming as another reason for this trend as more and more people are attending international events online.
Formula 1 is an example of this—it has become popular in recent years, thanks to the Netflix series Drive to Survive. Not only does this boost viewership of the various Grand Prix events, but it also lure more people to watch live, even if it costs more.
“Revenge spending”, a trend where people started spending more on experiences after pandemic-related restrictions were lifted, has also played a role. Affordable travel has made these experiences more accessible to people than before.
“A growing number of fans around the globe will travel to iconic sporting and music events, seeking unforgettable experiences and willing to spend significantly to make their trip extra special,” said Collinson International CEO Christopher Evans.
This opens up a huge opportunity for businesses and airlines as more experience-seekers are willing to travel internationally. People aged 25 to 34—mostly Millennials—are the biggest spenders on both experiences and at the airport. While airlines have hard year So far, the growth of the experience economy can only mean that demand for travel will increase further in the future.
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There is no shortage of opportunities for those seeking experience. In the world of sports, the FIFA World Cup takes place in 2022 while Paris Olympics is happening. Last year, pop stars Beyoncé and Taylor Swift toured the world, and so far this year we’ve seen headline events like Eurovision 2024 in Sweden and the upcoming Lollapalooza festival in Germany.
While events take place around the world, London, Paris and Barcelona are Europe’s hot destinations for sports and music tourism, while New York and Dubai are also popular with experience-seekers.
