Friday, August 2, 2024 A recent study reveals that the combined economic impact of sports and music tourism is expected to more than double over the next eight years, reaching a staggering $1.5 trillion by 2032. If you’ve noticed an uptick in friends and family sharing their experiences at major sports events like Formula One races or the Olympics, you’re witnessing the rapid growth of sports tourism firsthand.
According to new research from Collinson International Ltd., the sector was valued at $564.7 billion in 2023.
By 2032, this figure is projected to soar to $1.33 trillion, underscoring the expanding global enthusiasm for sports travel. While sports tourism dominates the landscape, music tourism is also experiencing significant growth.
Valued at $6.6 billion in 2023, the music tourism industry is expected to more than double, reaching $13.8 billion by 2032.
This growth is fueled by the increasing popularity of live music events and festivals worldwide. The combined sectors of sports and music tourism are forecasted to contribute substantially to the global economy. The $1.
5 trillion projection by 2032 highlights the significant role these industries will play in travel and tourism, drawing millions of enthusiasts from around the globe. Several factors contribute to this booming industry: As the world continues to embrace sports and music tourism, the economic benefits are clear. The forecasted $1.
5 trillion industry by 2032 signifies not just a trend but a substantial economic force. Whether you’re a fan of high-speed car races or electrifying concerts, the future of travel offers more opportunities to indulge in your passions while contributing to a thriving global economy..
