Event Tourism Market

Event Tourism Market Size (2024-2029):

The Global Event Tourism Market size is expected to grow with a CAGR of 3.8% during the forecast period. The market was valued at USD 1.46 trillion in 2023 and is expected to reach USD 2 trillion by 2029.

Market Overview:

Event tourism, also known as event-based tourism or event-driven tourism, refers to the travel and tourism activities that are centred around attending or participating in various events and gatherings. These events can vary widely in nature and size, encompassing everything from sports competitions, music festivals, and cultural exhibitions to conferences, trade shows, and corporate meetings. It also involves individuals or groups travelling to a specific destination to experience, witness, or participate in a planned event. It is often motivated by the desire to engage in a particular event, whether as a spectator, participant, exhibitor, or organizer. Event tourists may travel locally, nationally, or internationally to attend these events. This form of tourism has significant economic, social, and cultural impacts on both the host destination and the event attendees. Event tourism can boost local economies, promote cultural exchange, and foster community engagement, making it an essential component of the broader tourism industry.

Market Drivers:

The event tourism Market is growing due to the allure of unique experiences it offers. Event tourism offers travellers the chance to participate in or witness one-of-a-kind experiences, whether it's attending major sports events, music festivals, cultural celebrations, or business conferences. These extraordinary experiences draw tourists to diverse destinations worldwide. This trend fuels the event tourism market and boosts local economies as visitors spend on accommodation, dining, transportation, and souvenirs. The desire for memorable and distinct experiences continues to drive the market growth of event tourism, making it a dynamic and influential sector in the travel industry.

Accessibility is a key driver in the Event Tourism Market. Having excellent transportation options and easy travel to and from event destinations is a key factor in attracting tourists. When people can conveniently reach their desired events, whether it's a music festival, sports tournament, or cultural celebration, they are more likely to participate. So, Well-connected airports, highways, and public transit systems enhance the overall appeal of an event destination, making it accessible to a broader audience and boosting event tourism's success. As a result, this accessibility factor contributes significantly to the growth of the event tourism market.

Market Restraints:

Weather dependency is a significant restraint in the Event Tourism Market. Outdoor events, such as music festivals, sports matches, and cultural celebrations, depend on unpredictable weather conditions. So, it can lead to event cancellations or disruptions, disappointing both event organizers and attendees. This weather-related uncertainty poses challenges in ensuring the success and enjoyment of outdoor events. Therefore, it can slow down the Event Tourism market demand.

Market Opportunities:

The rise of hybrid events, which combine in-person and virtual experiences, presents significant opportunities for the event tourism market. These events can attract a broader audience, including those who can't travel physically, leading to increased participation and revenue. As a result, applying these hybrid models can drive the market growth of event tourism.  

EVENT TOURISM MARKET REPORT COVERAGE:

Market Segmentation:

Event Tourism Market - By Type:

• Music Festivals
• Sports Events
• Cultural Festivals
• Business Conferences

Music Festivals dominate the Event Tourism Market due to their mass appeal, drawing diverse attendees and global recognition. Events like Coachella and Glastonbury attract visitors worldwide, making them iconic and influential in the market.

Event Tourism Market - By Accommodation:

• Farm Stays
• Cottage Rentals
• Eco-Lodges
• Homestays

Cottage Rentals are dominating the Event Tourism Market due to their appeal to travellers seeking comfort, privacy, and a homely experience. They offer a wide range of scenic locations and amenities, making them a preferred choice for families and groups attending events, contributing to their dominance.

Event Tourism Market - By Age Group:

• Below 15 years
• 16 to 25
• 26 to 35
• 36 to 45
• 46 to 55
• above 55

The 26 to 35 age group dominates the Event Tourism Market due to their adventurous nature, active lifestyles, and greater disposable income. They seek unique experiences, making them more willing to travel for events like sports, music festivals, and outdoor activities. Their financial stability enables them to afford such adventures, contributing to their dominance.

Market Regional Analysis:

• North America
• Europe
• Asia-pacific
• Middle-East and Africa
• Latin America

North America dominates the Event Tourism Market due to its robust event industry, including major music festivals, sports events, and cultural gatherings. The region's well-developed infrastructure, strong economy, and diverse offerings attract tourists from around the world. Europe holds a significant share in the Event Tourism Market following North America. The continent's rich cultural heritage and history make it a prime destination for cultural festivals and events. Europe's extensive transportation network facilitates travel to various events. Asia-Pacific is emerging as a dominant player in Event Tourism. Rapid urbanization and a growing middle class contribute to the region's rising event tourism market. Countries like China and India are hosting more international events, drawing both local and international participants. The Middle East and Africa are gaining prominence, particularly for cultural and sports events. Luxury resorts and cultural festivals in the Middle East attract tourists seeking unique experiences. Africa's wildlife events and natural beauty also contribute to its growth. Latin America is known for its vibrant music festivals and cultural celebrations. Events like Carnival in Brazil and Day of the Dead in Mexico attract tourists worldwide, making the region a dominant force in event tourism.

COVID-19 Impact on the Event Tourism Market:

The COVID-19 pandemic had a profound impact on the Event Tourism Market. The industry faced significant financial losses, job cuts, and uncertainty due to pandemic. However, it also accelerated digital transformation. Virtual events and hybrid formats emerged as alternatives, offering safe options for attendees. Health and safety measures became paramount, with strict protocols for in-person gatherings. As the situation improved, event tourism began to rebound. People's eagerness to reconnect, coupled with the pent-up demand for live experiences, drove the market's recovery. Hybrid events continued to gain traction, blending online and offline components to cater to diverse audiences.

Market Key Players:

1. Live Nation Entertainment
2. AEG Presents
3. Expedia Group
4. Ticketmaster
5. Thomas Cook Group
6. Event Travel
7. Global Event Forum
8. Roadtrips
9. Festicket
10. Vertical Booking
11. Burning Man
12. South by Southwest (SXSW)
13. Edinburgh Festival Fringe
14. New Orleans Jazz & Heritage Festival
15. Messe Frankfurt
16. Informa Markets
17. SXSW (South by Southwest)
18. PGA Tour

Market Key Developments:

• In 2021, AEG Presents, diversifying its event portfolios, hosting a wide range of events, including music festivals, sports tournaments, cultural festivals, culinary events, and business conferences, to attract a diverse group of event tourists.
• In 2021, Expedia offer a variety of event packages that include event tickets, hotel accommodations, and optional add-ons like airport transfers and tours. They cater to a wide range of events, from music festivals to sports tournaments.
• In 2021, Burning Man, an annual arts and culture event held in the Black Rock Desert of Nevada, encourages participants to create and collaborate with local communities in the region. The event promotes a Leave No Trace ethos and supports local businesses and services.