Event Tourism Industry Expected To Grow At A CAGR of 4% Between 2022 and 2032

The worldwide event tourism industry is estimated to reach US$ 2.1 trillion in 2032, growing at a CAGR of 4% between 2022 and 2032.

The systematic organizing, promotion, and hosting of events at tourist sites are known as event tourism. It is done to boost the number of local and international tourists. The quantity and kind of stakeholders participating in event tourism vary every event.

Electronic, print and especially social media play an important role in the marketing of event tourism. Digital media is used to promote knowledge about the existence of an event, its timetables, admission passes, costs, and so on.

Attendees, workers, participants, spectators, sponsors, suppliers, and volunteers are some of the important stakeholders in event tourism, according to Future Market Insights. Event tourism is heavily influenced by the government, host towns, tourist organizations, tour operators, and travel agents.

Event Tourism: Famous Events And Organizations

• The “Oktoberfest” of Datenwrek GmbH in Germany is the world’s largest beer festival, with 5.6 million people in 2016. Rio Carnival Service’s “Rio Carnival” in Brazil is the world’s largest carnival, with two million people dancing on the streets every day to the popular Brazilian-origin song Samba.
• Wimbledon Championships, which have been staged in London since 1877, draw tourists from all over the world. The “La Tomatina” festival is the world’s largest food battle, hosted in the Spanish town of Bunol, and attracts an average of 50,000 guests each year.
• “New York Fashion Week,” held in February in New York City, is one of the world’s most important fashion events. The International Live Events Association (ILEA) delivers collaborative networking, credibility, educational growth, inspiration, external awareness, and professional development to its stakeholders and members to assure a growing global events profession.
• The International Association of Events & Exhibitions is the main association for the worldwide exhibition sector, hosting many meetings and training activities on a global scale throughout the year.

Event Tourism: Issues and Concerns

• Terrorist acts are becoming more common, posing a continual threat to event tourism. The loss of life in shootings and assaults throughout the world has placed tourists’ safety in danger. A gap in any country’s event tourism strategy is a lack of cooperation among the government, hotel groups, restaurants, and tour companies.
• Countries like New Zealand are likewise dealing with a lack of planning in this business. Furthermore, due to insufficient promotional campaigns by event organizers, consumers are still uninformed of the numerous events taking place throughout the world. Furthermore, in some nations, a lack of infrastructure is impeding the expansion of event tourism.