A recent surge in social media posts featuring individuals at Formula One races and concerts underscores a booming trend in sports and music tourism. New research indicates that this sector is on track to become a $1.5 trillion industry by 2032.
Sports tourism, currently valued at $564.7 billion, is projected to reach $1.33 trillion by 2032. Meanwhile, music tourism is set to increase significantly, projected to rise from $6.6 billion to $13.8 billion.
The report reveals that among 8,537 travelers from 17 different countries, 83% have traveled to a sporting event, while 71% have attended or plan to attend a concert in the near future.
“People are placing high value on experiences over objects,” states a representative from the research organization. “The experience of attending an event starts from the planning stage and continues through travel to the event itself.”
Soccer, basketball, the Olympics, Formula One races, and tennis tournaments are the top five sought-after events for travelers. Notably, soccer accounted for 69% of attendees who have recently traveled for live matches.
The excitement surrounding Formula One has escalated, particularly among younger generations, with many fans crediting a popular docuseries on the sport for their newfound interest. Recent data shows an increase in attendees at F1 events, with average crowds exceeding 270,000 compared to 195,000 in 2019.
Ticket prices for races have also surged; premium grandstand seats in the UK are priced around £600, prompting public concern from notable drivers. Overall, sports tourism encompasses not only ticket costs but also hotel stays, meals, and transportation, with travelers typically spending over $500 per trip.
For example, the F1 Grand Prix held in Las Vegas in November 2023 generated a staggering $1.5 billion in economic impact, exceeding the projected revenue from the Super Bowl just three months later. This demographic is increasingly willing to spend on experiences, showcasing a shift in tourism trends.
Despite varying expectations for the Paris Summer Olympics, the event is attracting significant tourist interest, reflected by a 133% increase in Airbnb bookings compared to the previous year. Travelers are anticipated to spend around $5,000 on various expenses while attending the games.
On the music scene, major events like Coachella and recent concerts have become significant drivers of tourism. Notably, fan attendance for select concerts has drastically increased airfare and hotel bookings in host cities, even surpassing demand during the Olympics.
The hospitality industry is looking to capitalize on this trend, with some hotel chains offering promotions tied to events. Upscale resorts are collaborating to host concert series, seeking to attract guests with exclusive performances.
