Friday, November 17, 2023
The worldwide event tourism sector has grown significantly, with a market value of US$ 1.5 trillion expected in 2022.
According to projections, the industry will be worth US$ 2.33 trillion by 2033, indicating a 4.1% compound annual growth rate (CAGR) from 2023 to 2033.
The globalisation of events and increased consumer awareness are two key aspects driving this expansion.
Event tourism serves several purposes, including promoting a positive image, spreading tourism demand equitably, prolonging traditional tourism seasons, and drawing local and international visitors. Events are essential to human civilization and play an important role in tourism. The event business is progressively emphasising the worldwide relevance of numerous occurrences, which is contributing to the market’s growth.
The function of digital media in raising knowledge about events, including timetables, entrance tickets, and fees, is critical. Employees, observers, attendees, sponsors, participants, volunteers, and suppliers all profit from the increased visibility provided by digital platforms. Tourism organisations, governments, tour operators, host towns, and travel agencies all play an important role in the event tourism business.
Cultural events, which account for a sizable component of the event tourism business, provide social, economic, and environmental advantages to countries and residents. Cultural events now account for one-fifth of the worldwide tourist sector. Cultural event planning complements the product offerings of small companies in rural tourism and agritourism.
Key competitors in the event tourism industry are pursuing novel growth strategies in order to compete. Notable advancements include Live Nation’s engagement with the Busan Metropolitan City in South Korea to create a cutting-edge arena and entertainment complex. The complex will include a 20,000-seat arena, a conference centre, accommodation, and training facilities for K-pop and K-culture stars. Furthermore, the ATPI Group, a global leader in travel and event management, has launched the Endeavour programme to promote and give market insight to technical start-ups pushing industry innovation.
These developments underscore the dynamic nature of the event tourism market and its increasing importance in the global tourism landscape. As events continue to evolve and diversify, the market is poised for sustained growth in the coming years.
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