Everyone seems to be “chasing vibes” these days – whether it’s attending Taylor Swift’s latest concert in Zurich, the Berlin Music Festival or the Paris Olympics.
Yes, it’s summer, but it turns out this has just become the norm, too. People are seeking experiences, driving growth in the sports and music tourism industry, which is set to double in size over the next eight years, according to a report by global travel company Collinson International, which operates a range of airport priority and lounge schemes. .
The report found that the cumulative value of the sports and music tourism economy reached US$571 billion in 2023 and will increase to US$1.5 trillion in 2032.
Events such as the Formula 1 Grand Prix and the European Cup have stimulated the growth of sports tourism, which accounts for a large part of the experience pie. Sports fans are among the biggest consumers when traveling, with more than half spending more than $500 per trip.
“It’s clear that sports and music tourism is booming and event visitors have high expectations,” the report said.
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Collinson’s study included 8,537 travelers from 17 countries traveling on international or domestic flights to attend events.
The report believes that as more people participate in international activities online, streaming media is another reason for this trend.
One example is Formula 1, which has risen to fame in recent years with a Netflix series drive to survive. Not only does this boost viewership for the various grand prix events, but it also attracts more people to watch in person, even if the price tag is higher.
“Revenge spending,” a trend in which people start spending more on experiences after pandemic-related restrictions are lifted, also plays a role. Affordable travel makes these experiences more accessible than ever before.
Christopher Evans, chief executive of Collinson International, said: “More and more fans around the world will travel to iconic sports and music events, seeking unforgettable experiences and prepared to spend big to make their trips even more special.
This presents a huge opportunity for businesses and airlines as many experience enthusiasts are willing to travel abroad. People aged 25 to 34 (mainly Millennials) are the largest consumers of experiences and airports. While airlines have had a tough year so far, the rise of the experience economy can only mean more demand for travel in the future.
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There is no shortage of opportunities for those seeking experiences. In the sports world, the FIFA World Cup will be held in 2022 and the Paris Olympics are underway. Last year saw pop stars Beyoncé and Taylor Swift go on world tours, and so far this year we’ve seen some high-profile events like the 2024 Eurovision Song Contest in Sweden and the upcoming Lollapalooza music festival in Germany.
While these events can be found across the world, London, Paris and Barcelona are European magnets for sports and music tourism, while New York and Dubai are also popular with experience seekers.
