Sports and music tourism to become a $1.5 trillion industry

Sports and music tourism are rapidly growing industries, projected to be worth $1.5 trillion by 2032. Sports tourism, led by events like soccer matches and F1 races, is expected to rise significantly, while music tourism, boosted by major concerts and festivals, also shows strong growth. Major events are driving significant economic impacts, with increased spending on travel and accommodations.

Sports and music tourism are experiencing rapid growth expected to reach a $1.5 trillion industry by 2032, according to new research from Collinson International Ltd., owner of Priority Pass and LoungeKey airport lounges. Sports tourism, valued at $564.7 billion in 2023, is projected to grow to $1.33 trillion, while music tourism is set to increase from $6.6 billion to $13.8 billion.

In its report released on July 29, Collinson defined travelers as individuals who flew to attend an event, regardless of whether it was international or domestic. Of the 8,537 travelers surveyed from 17 countries, 83% have flown to a sporting event and 71% to a concert in the past three years or plan to in the next 12 months.

Christopher Ross, president of Collinson International EMEA, noted that people are increasingly valuing experiences over material possessions. Soccer is the most popular, followed by F1 races, which have surged in popularity since Netflix’s “Drive to Survive” series. Ticket prices for events like the UK Grand Prix have risen significantly, reflecting increased interest and spending.

Las Vegas’s F1 Grand Prix in 2023 had a $1.5 billion economic impact, surpassing the expected Super Bowl revenue. The Paris Summer Olympics have also boosted tourism, with significant spending by international visitors.

On the music side, events like Rock in Rio and Coachella are major draws, with Taylor Swift’s “Eras Tour” causing significant spikes in travel and accommodation bookings. Hotels and resorts are leveraging these events, with promotions and exclusive concerts, as seen with Marriott’s Bonvoy program and Auberge Resorts Collection’s new concert series.