Overview and Scope
A tourism event refers to a planned and organized occasion or activity designed to attract visitors and enhance the tourism experience in a specific destination. It is scheduled for a particular period and includes various activities and attractions. Tourism events showcase the destination’s culture and traditions, fostering a deeper understanding and appreciation for the local way of life.
Sizing and Forecast
The tourism event market size has grown strongly in recent years. It will grow from $1627.39 billion in 2023 to $1709.7 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to globalization, rising digital marketing, surging disposable income, increasing cultural exchange, emerging destinations.
The tourism event market size is expected to see steady growth in the next few years. It will grow to $2009.03 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%. The growth in the forecast period can be attributed to increased government support, rising social media influence, surge in medical tourism events, rising infrastructure development, increased preference for experiential marketing. Major trends in the forecast period include event technology advancements, collaborations and partnerships, live streaming and social media engagement, virtual reality (VR) experiences, personalized experiences.
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Segmentation & Regional Insights
The tourism event market covered in this report is segmented –
1) By Event Type: Cultural Or Festival Event Tourism Fair, Sports Event Tourism, Business Events, Music And Entertainment Events, Spiritual And Religious Tourism, Travel Trade Shows
2) By Revenue Source: On-Line Registration, Off-Line Registration, Sponsorship, Other Revenue Sources
3) By Channel: Virtual Channel, Physical Channel
4) By Organization Size: Corporations, Associations, Government Agencies, Non-Profit Organizations
North America was the largest region in the tourism event market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the tourism event market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing government investment is expected to fuel the growth of the tourism event market going forward. Government investment refers to the allocation of funds by the government into various sectors, projects, or initiatives aimed at stimulating economic growth, improving infrastructure, fostering development, providing public services, or supporting specific industries. Government investment significantly influences the expansion rate of tourism events, and by allocating funds towards infrastructure development, promotional initiatives, and cultural enrichment, governments bolster the foundations necessary for hosting successful events, enhancing tourism experiences, and elevating local economies. For instance, in March 2023, the Government of British Columbia, a Victoria-based governing body responsible for administering the province’s policies and programs, invested in the Tourism Events Program (TEP), offering funding up to 10% of the event budget (maximum $250,000, minimum $10,000). Eligibility requires a minimum event budget of $100,000 to promote events, attract tourism, and stimulate economic growth by showcasing regional attractions and fostering community resilience. Furthermore, in May 2022, the U.S. Economic Development Administration (EDA), a US-based federal agency within the United States Department of Commerce, allocated $510 million for state investments in travel projects and an extra $240 million for communities hit hard by challenges in travel, tourism, and outdoor recreation. Therefore, increasing government investment will drive the growth of the tourism event market.
Key Industry Players
Major companies operating in the tourism event market report are TUI Group, Live Nation Worldwide Inc., Carnival Corporation & plc, Reed Exhibitions, Royal Caribbean Cruises Ltd., CWT Global B.V., Airbnb Inc., BCD Group International BV, Informa Markets, American Express Global Business Travel, ATPI Ltd., GL Events, Maritz Holdings LLC, Messe Frankfurt, Cvent Holding Corp., Emerald Expositions, Kuoni Group, Eventbrite Inc, ITE Group, Comexposium, Cox & Kings Ltd., Tarsus Group, Riviera Events, Wizcraft Entertainment, Event Planet , Disney Destinations LLC, TicketWeb
The tourism event market report table of contents includes:
1. Executive Summary
2. Tourism Event Market Characteristics
3. Tourism Event Market Trends And Strategies
4. Tourism Event Market – Macro Economic Scenario
5. Global Tourism Event Market Size and Growth
…………
32. Global Tourism Event Market Competitive Benchmarking
33. Global Tourism Event Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Tourism Event Market
35. Tourism Event Market Future Outlook and Potential Analysis
36. Appendix
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