Few stories this year – or century, for that matter – have captivated the world as much as the catastrophic loss of the submersible Titan.
The five passengers who died in the tragedy paid $250,000 each for the opportunity to see the Titanic up close on the ocean floor. According to the co-founder of OceanGate, the company behind the ill-fated trip, “They were very aware of the risks.” And yet they went.
Despite the risks – and the exorbitant prices – adventure tourism is a rapidly growing industry. According to a report by Robb Report, in 2021, the global adventure tourism market was valued at $282 billion, with projected expansion at an annual rate of 15.2% from 2022 to 2030. In 2022, 90% of companies in the Adventure Travel Trade Association reported revenue increases. This is thanks to the gradual rise in the number of travelers willing to engage in and pay for high-risk activities.
The sad end of the Titan reminded thrill-seekers of how real the dangers of the industry are. But the “moment of truth” didn’t last long: experts told Robb Report that the OceanGate disaster did nothing to slow the growth of adventure tourism.
But why?
It’s all in the brain chemistry and status displays, according to experts interviewed by The Conversation:
Risky behavior can provoke feelings of euphoria and a sense of personal transformation. Additionally, adventures that can generate thousands of likes on Instagram can serve as status symbols.
However, as the boom continues, it becomes increasingly difficult to “socially brag,” after all, over 100,000 people visit Antarctica annually and several individuals have been both to space and to the ocean floor.
So, the offerings are becoming bolder (and more expensive). After all, not even the sky is the limit!
Want to get in on this? Start planning now. World View, a startup that takes travelers to space in pressurized capsules attached to weather balloons for $50,000 per seat, has already sold out its flights for 2024.
Source: Hustle and Robb Report