Event Tourism Market Outlook from 2024 to 2034

Recording a y-o-y growth of 4.1%, the global event tourism market size is estimated to reach US$ 1.63 trillion in 2024. Over the forecast period, global demand for event tourism is projected to rise at a 4.3% CAGR, taking the overall market valuation to a staggering US$ 2.38 trillion by 2034.

The dynamic tourism sector has evolved in different ways during the last several decades, and one of the many changes is the rise in event tourism. Today, travel enthusiasts of all age groups are choosing to attend events to improve their travel experience.

Several factors are expected to drive the growth of the event tourism market during the assessment period. These include the growing desire for experiential travel, where events serve as focal points for cultural immersion, entertainment, and social interaction.

Events such as festivals, concerts, sporting tournaments, conferences, and exhibitions act as magnets, drawing tourists seeking authentic and diverse experiences. This is putting the event tourism sector into the spotlight, and the trend will likely continue through 2034.

Destinations around the world are strategically investing in infrastructure and marketing to attract events, leveraging cultural heritage, natural beauty, and unique offerings. This is expected to help them draw in more tourists seeking one-of-a-kind experiences.

The event tourism market is expanding to cater to a wide spectrum of interests and preferences, from music festivals and sports events to culinary gatherings and niche cultural celebrations. As a result, a steady CAGR has been predicted for the target industry.

North America’s market for event tourism is expected to witness steady growth during the assessment period. This is set to be attributed to the rise of special events travel, increasing trade shows & exhibitions, and the growing popularity of virtual tours.

Attribute Key Insights
Base Market Value (2023) US$ 1.56 trillion
Estimated Event Tourism Market Value (2024) US$ 1.63 trillion
Projected Event Tourism Market Revenue (2034) US$ 2.38 trillion
Value-based CAGR (2024 to 2034) 4.3%

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Other Factors Boosting Growth of the Event Tourism Industry Include

  • Globalization of events
  • The evolving consumer preferences and an increased focus on unique experiences
  • Surging popularity of event tourism due to the allure of unique experiences it offers to travelers
  • Increasing interest in sports event tourism
  • The convergence of technology, social media, and a desire for immersive, memorable experiences
  • Rise in business event travel
  • Increasing influence of social media
  • Increasing government investments in developing and transforming event-hosting destinations
  • Growing popularity of events like the Olympic Games among travel enthusiasts
  • Favorable government support for the event tourism sector as it helps to boost the economy
  • Rising number of music concerts and trade shows
  • Development of new event-hosting destinations

Global Event Tourism Trends

  • Wellness tourism integration in event planning
  • Growing interest in experiential travel
  • Technology integration in event tourism and the rise of hybrid events
  • Rising focus on exploring new cultures, locations, and events
  • Event data analytics leveraging insights for enhanced experiences
  • Robust growth of business event tourism
  • Rising popularity of virtual tours
  • Collaborations and partnerships between event organizers, communities, and local companies
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Sudip Saha

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Key Tactics that Are Set to Help Event Tourism Companies to Stay Ahead

  • Shift toward online booking platforms to make it easy and more convenient for customers to research and book yacht services
  • Take maximum benefit of social media platforms and celebrity endorsements to reach a wider audience
  • Use advanced technologies like augmented reality (AV) and virtual reality (AR)
  • Implement flexible booking and refund policies

2019 to 2023 Event Tourism Market Outlook Compared to 2024 to 2034 Forecast

Historical CAGR (2019 to 2023) 4.0%
Forecast CAGR (2024 to 2034) 4.3%

The global event tourism market witnessed a steady growth trajectory from 2019 to 2024. This was due to increased international events, festivals, conferences, and sports tournaments. However, the report anticipates a more robust and transformative phase for the global event tourism market.

With the gradual recovery from the COVID-19 pandemic, coupled with innovations in virtual and hybrid event formats, the industry is poised for significant evolution. Factors such as rising disposable incomes, technological advancements facilitating travel, and a growing interest in experiential activities will likely foster market growth.

The forecast period emphasizes a shift toward more diverse, inclusive, and environmentally conscious events, leveraging cutting-edge technologies to augment attendee engagement. Emerging markets and unconventional event destinations are expected to gain prominence, fostering a more globally distributed landscape for event tourism.

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Comparative View of Adjacent Global Event Tourism Markets

The global market for event tourism will likely be impacted by the peer or tangential markets in the travel and tourism division. These include the Himalaya vacation tourism industry and the lake vacation market.

The lake vacation industry is projected to expand at a higher CAGR than the other two related markets. This is due to the increasing desire among millennials for relaxation and unique outdoor experiences.

The event tourism market is anticipated to expand slower than the other two related industries. This growth is anticipated to be fueled by the rising popularity of experiential travel. Growing interest of tourists to explore the natural beauty of the Himalayas is expected to boost the Himalaya vacation tourism market.

Global Event Tourism Market Analysis:

Attribute Global Event Tourism Impact Analysis
CAGR (2024 to 2034) 4.3%
Growth Factor Increasing funding and supportive government policies are expected to boost the growth of the event tourism market.
Key Trend The rise of event-based relaxation and technology integration are the key event tourism market trends shaping growth.

Himalaya Vacation Tourism Market Outlook:

Attribute Himalaya Vacation Tourism Market Analysis
CAGR (2024 to 2034) 5.0%
Growth Factor Travel enthusiasts' rising interest in experiencing the Himalayas' natural heritage is expected to boost the market.
Key Trend The growing popularity of ecotourism and adventure tourism will likely foster sales growth through 2034.

Lake Vacation Market Outlook:

Attribute Lake Vacation Industry Analysis
CAGR (2024 to 2034) 12.0%
Growth Factor Globalization, ease of travel, and rising interest in lake tourism are a handful of prominent factors fostering the growth of the lake vacation market.
Key Trend A key trend observed in the market is the growing popularity of luxurious services like sauna baths, fishing, and scuba diving.

Event Tourism Industry Dynamics

  • Embracing Innovative Tech Solutions for Seamless Event Planning

The global market is experiencing a significant surge due to the widespread adoption of innovative technological solutions that streamline event planning processes. These tech advancements, such as virtual event platforms, data-driven analytics, mobile event apps, and immersive experiences, have revolutionized the way events are organized and executed.

For instance, the integration of virtual and augmented reality in event planning allows for immersive experiences, enabling remote attendees to participate actively. Similarly, data analytics tools provide valuable insights into attendee preferences and behavior, aiding organizers in crafting tailored experiences.

Mobile event apps offer convenience, allowing participants to access schedules, maps, and real-time updates seamlessly. This tech-driven approach not only enhances event engagement but also optimizes operational efficiency.

The tech-driven approach helps to attract a broader audience, improves event outcomes, and fosters innovation in the industry. This, in turn, will likely drive the growth of the event tourism market.

  • Tailoring Events to Individual Preferences

The global event tourism market has been significantly influenced by a shift towards tailoring experiences to individual preferences. This trend recognizes the diverse interests and desires of travelers, leading to personalized events that cater to specific preferences.

For instance, music festivals like Coachella and Tomorrowland curate unique experiences by offering various stages featuring different music genres, art installations, and culinary options. They allow attendees to craft their personalized festival journey.

Sporting events such as marathons or extreme sports competitions offer participants a choice of events or categories tailored to their skill levels and interests. This customization not only enhances attendee satisfaction but also drives engagement and loyalty, fostering a deeper connection between the event and its participants.

The global event tourism market continues to thrive by offering bespoke experiences that resonate with individual preferences. This is expected to contribute to sustained growth and innovation within the industry.

  • Strategic Alliances between Event Organizers and Local Firms

Strategic alliances between event organizers and local firms are pivotal drivers of global event tourism market growth. These collaborations foster symbiotic relationships, enabling event organizers to tap into local expertise, resources, and networks while offering companies an opportunity for increased visibility and economic benefits.

Event organizers often partner with local accommodations, restaurants, transportation services, and attractions to create comprehensive packages for attendees, enhancing the overall event experience. Such alliances not only ensure seamless logistics but also promote the destination as an attractive hub for tourism, bolstering the local economy through increased visitor spending.

Collaborations facilitate cultural exchange, showcase a region's unique offerings, and contribute to sustainable tourism development by fostering community engagement and support. As a result, strategic partnerships between event organizers and local companies play a fundamental role in driving the success and expansion of the global event tourism market.

Country-wise Insights

The section brings to the fore key highlights of the event tourism industry across prominent nations. China and India are expected to witness higher CAGRs of 12.5% and 11.7%, respectively, through 2034. This is due to the rising middle-class population in these nations, growing interest in experiential travel, and favorable government support.

Countries United States
Growth Rate, 2024 to 2034 9.7%
Countries United Kingdom
Growth Rate, 2024 to 2034 8.2%
Countries Germany
Growth Rate, 2024 to 2034 7.3%
Countries China
Growth Rate, 2024 to 2034 12.5%
Countries India
Growth Rate, 2024 to 2034 11.7%

Robust Infrastructure and a Rich Cultural Tapestry Boosting the United States

The United States event tourism market is anticipated to expand at a CAGR of 9.7% during the projection period. This is attributable to several factors, including rising interest in experiential travel, rapid infrastructural development, and increasing business meetings and seminars.

A robust infrastructure and a rich cultural tapestry foster a wide array of events, from festivals and conferences to sporting spectacles and entertainment extravaganzas. This, in turn, is attracting both domestic and international attendees, thereby fostering market growth.

Technological advancements and accessibility innovations have made event planning and promotion more efficient, enhancing the overall attendee experience. The rise of experiential travel trends, where individuals seek unique and immersive experiences, fuels the demand for events that offer a blend of entertainment, education, and networking opportunities.

Collaborations between event organizers, local communities, and companies further amplify the allure of these events. They aid in promoting economic growth, fostering community engagement, and showcasing the nation's cultural and artistic diversity, making the United States a vibrant hub for event tourism.

Emergence of Event Management Companies Spurring Growth in India

India is emerging as a highly lucrative market for event management companies. As per the latest analysis, India’s event tourism market is poised to register a CAGR of 11.7% during the assessment period.

India's rich cultural heritage, diverse landscapes, and historical significance make it an attractive destination for various events, festivals, and celebrations. As a result, the nation draws domestic and international tourists alike.

The government initiatives to promote tourism, improvements in infrastructure, and ease of travel have facilitated hosting large-scale events and conferences across India. This is making it a highly lucrative pocket for event tourism industry.

Rising disposable incomes and changing lifestyles are increasing the demand for experiential travel nationwide. People are showing a keen inclination toward attending events and festivals as part of their tourism experiences, thereby fostering market growth.

India is also becoming a vibrant and happening destination for a wide array of events due to several other factors. These include the emergence of event management companies, technological advancements, and increased investments in marketing and promotion. This will likely fuel the growth of event tourism in the nation.

Government's Proactive Initiatives Propelling Demand in the United Arab Emirates

The United Arab Emirates event tourism market is projected to expand rapidly during the forecast period. This is attributable to the country's strategic geographic location, modern infrastructure, and robust connectivity via major airlines, positioning it as a hub for global events.

The government's proactive initiatives, including visa liberalization and investment in state-of-the-art event venues like Expo 2020 Dubai, serve as catalysts for attracting international conferences, exhibitions, and cultural events. The nation's reputation for safety, luxury hospitality, and diverse cultural experiences further amplifies its appeal to a wide spectrum of event organizers and attendees.

Collaborative efforts between the public and private sectors and a focus on innovation are expected to drive the growth and evolution of the event tourism market in the United Arab Emirates. Similarly, sustainability and technology integration in event planning will likely benefit the market.

Category-wise Insights

The section below highlights key segments' estimated CAGRs, including type, consumer orientation, and channel. This information is projected to be vital for companies to offer demanding event tours and find the most suitable channels for their business and maximum sales.

  • The exhibitions and conference segment is projected to expand at a 7.4% CAGR through 2034.
  • The virtual channel segment will likely witness high growth, accelerating at an 8.3% CAGR between 2024 and 2034.
  • The adult category is anticipated to generate significant revenue in the market, exhibiting a CAGR of 11.1% through 2034.

Most of the Tourists are Drawn to Exhibitions and Conferences

Market Growth Outlook by Type

Type Exhibitions and Conference
Value CAGR 7.4%

In terms of event type, the exhibitions and conference category is expected to rise with a CAGR of 7.4% during the forecast period. This is attributable to the rising interest of tourists in attending different exhibitions and conferences.

Exhibitions and conferences are prominent in event tourism due to their multifaceted appeal. These events often attract tourists for several reasons. For instance, they serve as hubs for networking, knowledge exchange, and professional development, drawing industry professionals, academics, and enthusiasts alike.

Exhibitions and conferences also frequently showcase cutting-edge technologies, innovations, and trends. They provide attendees with insights into diverse sectors and foster educational experiences. Further, these events are often hosted in globally recognized cities, offering tourists the chance to explore new destinations while attending the event.

Exhibitions and conferences often have a broader impact on the local economy. They attract visitors who contribute not only through event participation but also by engaging in tourism activities, staying in accommodations, dining, and shopping, thereby enhancing the overall tourism experience.

Accessibility and Convenience Making Virtual Channels Popular among Tourists

Market Growth Outlook by Key Channel

Channel Virtual Channel
Value CAGR 8.3%

Based on channel, the virtual channel segment is anticipated to rise significantly during the forecast period. As per the latest analysis, the target segment will likely thrive at an 8.3% CAGR through 2034.

Virtual channels have gained immense popularity among tourists in the event tourism market due to several compelling reasons. The accessibility and convenience offered by virtual experiences cater to a broader audience, eliminating geographical constraints and travel expenses.

The immersive and interactive nature of virtual channels also enhances the overall experience. It allows tourists to explore and engage with events in innovative ways, such as virtual tours, live streaming, and interactive sessions.

The flexibility encourages greater participation, engagement, and the ability to tailor experiences to individual preferences. This is making virtual channels a preferred choice among tourists in the event tourism market.

Adults to Remain Primary Targets for Event Tourism Companies

Market Growth Outlook by Consumer Orientation

Consumer Orientation Adult
Value CAGR 11.1%

In terms of consumer orientation, the adult category is projected to surge with an impressive CAGR of 11.1% in the forecast period. This is due to their autonomy and freedom.

Adult consumer orientation tends to be more prevalent in the event tourism market as adults often have more disposable income and flexibility in travel. This allows them to pursue event-based experiences such as music festivals, cultural events, and sports tournaments.

Adult consumers also tend to have diverse interests. They seek specific experiences that align with their preferences, whether it's exploring art exhibitions, attending conferences, or participating in culinary events, which are commonly found in event tourism.

Adults have a stronger desire for immersive and educational experiences, making events an attractive option to learn about new cultures, traditions, or industries. Overall, the range of interests, higher spending capacity, and the quest for unique experiences make event tourism more appealing and thriving among adult consumers.

Competitive Landscape

The competitive landscape in the global event tourism market is characterized by a diverse array of players catering to the growing demand for unique and experiential travel. Key players such as CWT Meetings & Events, BCD Meetings & Events, and American Express Global Business Travel dominate the market with their comprehensive event management services, offering end-to-end solutions for corporate and leisure events.

The evolving landscape is witnessing the rise of niche players specializing in specific event categories like sports, entertainment, or cultural festivals. This, in turn, is contributing to a dynamic market where innovation, customization, and strategic partnerships are key differentiators in capturing market share and meeting the evolving demands of event tourists.

Recent Developments in the Event Tourism Market

  • In March 2023, Live Nation acquired a majority stake in Clockenflap, a prominent Hong Kong-based event organizer specializing in music concerts and festivals, as well as its flagship Clockenflap Music and Arts Festival.
  • In June 2023, AIPC partnered with BCD Meetings & Events to strengthen its presence in the events industry.
  • Recently, Airbnb Experiences introduced off-the-grid experiences to focus on unique and adventurous activities in remote locations, catering to the growing demand for immersive travel.

Scope of the Report

Attribute Details
Estimated Market Value (2024) US$ 1.63 trillion
Projected Market Value (2034) US$ 2.38 trillion
Expected Growth Rate (2024 to 2034) 7.4% CAGR
Forecast Period 2024 to 2034
Historical Data Available for 2019 to 2023
Market Analysis US$ billion/trillion for Value
Key Countries Covered United States, Canada, Brazil, Mexico, Germany, United Kingdom, Spain, France, Italy, Russia, India, China, Japan, South Korea, Malaysia, Singapore, Thailand, Australia, GCC, South Africa, Others
Key Segments Covered Type, Channel, Tourist Type, Consumer Orientation, Revenue Source
Key Companies Profiled Live Nation Worldwide Inc.; BCD Meetings & Events; Cvent; Pollstar; Atpi Ltd; Riviera Events; Stubhub; Access Destination Services; Entertaining Asia; Anschutz Entertainment Group; FCM Travel; Veena Patil Hospitality Pvt Ltd; Other Players (As Requested)
Report Coverage Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Trends, Opportunities Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives

Global Event Tourism Market Segmentation by Category

By Type:

  • Exhibitions and Conference
  • Festivals
  • Corporate Events & Meetings
  • Music Concert
  • Others

By Channel:

  • Virtual Channel
  • Physical Channel

By Tourist Type:

  • Domestic
  • International

By Revenue Source:

  • On-line Registration
  • Off-line Registration
  • Sponsorship

By Consumer Orientation:

  • Children
  • Adult

By Region:

  • North America
  • Latin America
  • East Asia
  • South Asia and Pacific
  • Western Europe
  • Eastern Europe
  • Middle East and Africa

Frequently Asked Questions

How big is the global event tourism market?

The global event tourism market value is estimated to total US$ 1.63 trillion in 2024.

At what rate will global event tourism demand grow from 2024 to 2034?

Global demand for event tourism is projected to expand at a 4.3% CAGR.

What is the expected size of the event tourism market in 2034?

The global event tourism market size is set to reach US$ 2.38 trillion by 2034.

Which event type segment is expected to rise rapidly?

The exhibitions & conference category is expected to surge at a high CAGR of 7.4%.

Who are the leading players in the event tourism market?

Live Nation Worldwide Inc., Cvent, Pollstar, and Riviera Events, among others.

What was the historical CAGR of the event tourism industry?

The global event tourism industry grew at 4.0% CAGR from 2019 to 2023.

What is the meaning of event tourism?

Event tourism is a type of tourism involving traveling to attend a specific event.

What is event management in tourism industry?

It is the art of planning and executing events specifically designed to attract tourists.

What is an example of event-based tourism?

Music festivals.

What is an event-based tourism product?

A combination of goods and services tourists demand during travel to and stay at a destination.

Table of Content

1. Executive Summary

    1.1. Global Market Outlook

        1.1.1. Who Is Travelling?

        1.1.2. Travel Gross Bookings

        1.1.3. Travel Gross Revenue

        1.1.4. How Much Do They Spend?

    1.2. Evolution Analysis

    1.3. Future Market Insights (FMI) Analysis and Recommendations

2. Growth Parameters in Event Tourism

    2.1. Increased collaboration between event organizers, tourism boards

    2.2. Increasing demand for events across diverse locations and destinations

    2.3. Adoption of innovative technologies for event management

    2.4. Collaboration and support from governments and local authorities through incentives

3. Supply to Demand: Today’s Travel Distribution Network

    3.1. Direct v/s Indirect Distribution

    3.2. Travel Gross Revenues, by Channel, 2024

        3.2.1. Supplier Direct

        3.2.2. TMC

        3.2.3. Tour Operator

        3.2.4. OTA

4. Type in Event Tourism

    4.1. Total Supplier Market, Share by Segment (%), 2024

        4.1.1. Exhibitions and Conference

        4.1.2. Festivals

        4.1.3. Corporate Events & Meetings

        4.1.4. Music Concert

        4.1.5. Others

5. Channels in Event Tourism

    5.1. Virtual Channel

    5.2. Physical Channel

6. Number of Bookings, 2024

    6.1. By Tourist Type

        6.1.1. Domestic

        6.1.2. International

    6.2. By Revenue Source

        6.2.1. On-line Registration

        6.2.2. Off-line Registration

        6.2.3. Sponsorship

    6.3. By Consumer Orientation

        6.3.1. Children

        6.3.2. Adult

7. Country Shift, Key Countries in Focus, 2024

    7.1. United States

        7.1.1. By Type

        7.1.2. By Channel

        7.1.3. By Tourist Type

        7.1.4. By Revenue Source

        7.1.5. By Consumer Orientation

    7.2. United Kingdom

        7.2.1. By Type

        7.2.2. By Channel

        7.2.3. By Tourist Type

        7.2.4. By Revenue Source

        7.2.5. By Consumer Orientation

    7.3. Germany

        7.3.1. By Type

        7.3.2. By Channel

        7.3.3. By Tourist Type

        7.3.4. By Revenue Source

        7.3.5. By Consumer Orientation

    7.4. France

        7.4.1. By Type

        7.4.2. By Channel

        7.4.3. By Tourist Type

        7.4.4. By Revenue Source

        7.4.5. By Consumer Orientation

    7.5. Spain

        7.5.1. By Type

        7.5.2. By Channel

        7.5.3. By Tourist Type

        7.5.4. By Revenue Source

        7.5.5. By Consumer Orientation

    7.6. Japan

        7.6.1. By Type

        7.6.2. By Channel

        7.6.3. By Tourist Type

        7.6.4. By Revenue Source

        7.6.5. By Consumer Orientation

    7.7. Singapore

        7.7.1. By Type

        7.7.2. By Channel

        7.7.3. By Tourist Type

        7.7.4. By Revenue Source

        7.7.5. By Consumer Orientation

    7.8. India

        7.8.1. By Type

        7.8.2. By Channel

        7.8.3. By Tourist Type

        7.8.4. By Revenue Source

        7.8.5. By Consumer Orientation

    7.9. China

        7.9.1. By Type

        7.9.2. By Channel

        7.9.3. By Tourist Type

        7.9.4. By Revenue Source

        7.9.5. By Consumer Orientation

    7.10. Rest of the World

        7.10.1. By Type

        7.10.2. By Channel

        7.10.3. By Tourist Type

        7.10.4. By Revenue Source

        7.10.5. By Consumer Orientation

8. Gross Revenue

    8.1. Gross Revenue (US$ million) and Forecast (2024 to 2034)

    8.2. Number of Bookings and Forecast (2024 to 2034)

    8.3. Total Spending Y-o-Y Growth Projections (2024 to 2034)

    8.4. Number of Tourists Y-o-Y Growth Projections

9. Challenges & Looking Forward

    9.1. Success Stories: Case Studies

    9.2. Future Market Insights (FMI) Recommendations

10. Market Stakeholders Landscape – Key Types

    10.1. Exhibitions and Conference

        10.1.1. Top Players

        10.1.2. Market Concentration

        10.1.3. Market Share

    10.2. Festivals

        10.2.1. Top Players

        10.2.2. Market Concentration

        10.2.3. Market Share

    10.3. Corporate Events & Meetings

        10.3.1. Top Players

        10.3.2. Market Concentration

        10.3.3. Market Share

    10.4. Music Concert

        10.4.1. Top Players

        10.4.2. Market Concentration

        10.4.3. Market Share

    10.5. Others

        10.5.1. Top Players

        10.5.2. Market Concentration

        10.5.3. Market Share

11. Social Media Sentimental Analysis

    11.1. Travel Influencers: A new Phenomenon in the world of Tourism

    11.2. Social Media Platforms Preferred

    11.3. Trending #Hashtags

    11.4. Social Media Platform Mentions (% of Total Mentions)

    11.5. Trending Subject Titles

12. Assumptions and Acronyms Used

13. Research Methodology

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