It’s summer, which means your Instagram feed is showing that all your acquaintances are in Europe, except for you.
And many are there for specific events, such as the Paris Summer Olympics, Taylor Swift’s Eras Tour, and Formula 1.
The economy of sports and music tourism is projected to reach $1.5 trillion by 2032, according to research from Collinson International Ltd. via Bloomberg:
• Sports tourism alone, valued at $564.7 billion in 2023, is expected to reach $1.33 trillion in eight years.
• Music tourism, currently valued at $6.6 billion, is expected to more than double to $13.8 billion.
Of the more than 8,500 people surveyed, 83% flew to a sporting event and 71% flew to a concert in the last three years or will fly in the next 12 months.
The trend makes sense, as most of Generation Z and millennials prefer to spend their money on experiences rather than saving for retirement or buying a home.
Golden Tickets
When travelers visit a city for a show or game, 80% stay one to three days after the event and 77% arrive one to two days before.
More than half of sports fans spend over $500 even before leaving the airport, with one-third of travelers aged 25 to 34 spending more than $1,000.
• The F1 Grand Prix in Las Vegas in November 2023 brought $1.5 billion to the local economy, 50% more than the Super Bowl in 2024.
• The Paris Summer Olympics caused Airbnb bookings to surge 133% YoY, and it is estimated that international tourists will spend around $5,000 on hotels, airfare, and event tickets.
• Taylor Swift fans boosted flight sales to destinations with the singer’s tours by 45% YoY during concert dates, according to United Airlines. The tour led to higher peaks in luxury hotel bookings in Paris than the Olympics.
• Even youth sports tourism generated $39.7 billion in direct spending in 2021, with a total economic impact of $91.8 billion.
Source: The Hustle