By 2030, the majority of travellers will be millennials or Gen Z. These groups are fuelling a growth in demand for experiences. Two thirds of 18 to 35-year-olds say they find live experiences more fulfilling than buying an item of the same value. 62% plan to spend more on experiences, rather than possessions, over the next 12 months
Music festivals, sports tournaments and other live events are increasingly at the center of travel plans. By 2030, millennials and Gen Z will dominate global travel, and they are prioritizing experiences over possessions.
Experience-driven travel is on the rise
Two-thirds of 18 to 35-year-olds say they would rather attend a live event than buy a product of similar value. Many plan to increase their spending on experiences over the next year, often influenced by social media where live events are highly visible.
Music and sports fuel the growth of live events tourism
Music tourism was worth nearly $6 billion in 2023 and could top $9 billion by 2030. Sports tourism, led by football, drew in over $609 billion last year and may more than double by 2032. As a whole, the live events sector is expanding rapidly, with forecasts suggesting it could reach $2 trillion by the end of the decade.
Cities and small businesses both benefit
Sydney tops the list of destinations for event-driven travel, followed by London and Barcelona. Paris, Dubai and New York also rank high. These events bring broader economic benefits, especially to small and medium-sized enterprises, which make up 80 percent of travel and tourism businesses.
Tourism with lasting impact
Beyond the events, 84 percent of international event tourists explore new places, and 30 percent say they intend to return. Tours like Taylor Swift’s Eras tour generate massive revenue for local hotels, restaurants and stores, underscoring the value of building up local capacity to meet growing demand.
Watch the video to explore why your next holiday might be centered around a live event.
‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source www.weforum.org ’
