The experience economy, fueled by gig-chasers and sports fanatics, is booming—and it will soon be worth $1.5 trillion

Yes, it’s the summer, but turns out, it’s also just become the norm. People are going after experiences, fuelling the sports and music tourism industry, which is now set to double in size over the next eight years, according to a report by Collinson International, a global travel company that operates a slew of airport priority and lounge programs.

It found that the sports and music tourism economy, valued at $571 billion cumulatively in 2023, will balloon to $1.5 trillion by 2032. 

Tournaments like the Formula One Grand Prix and the Euros have spurred the growth of sports tourism, which accounts for a large piece of the experience pie. Sports fans are among the biggest spenders on trips as over half of them pay more than $500 per trip. 

“It is clear that sports and music tourism is booming and event travellers have high aspirations,” the report said. 

Collinson’s research considers 8,537 travelers who flew to an event—either internationally or domestically—from 17 countries.

The report identifies streaming as an added reason for this trend as more people engage with international events online.

Formula One is an example of this—it has shot to fame in recent years, thanks to the Netflix series Drive to Survive. That has not only pushed up viewership for the various Grands Prix but it’s also lured more people to watch it in person, even if at a higher price tag.

“Revenge spending,” a trend where people began splurging more on experiences after pandemic-linked restrictions were lifted, also has had a part to play. Affordable travel has put these experiences further within the reach of people than before.

“The growing and global fanbase that will travel to iconic sports and music events is looking for unforgettable experiences and are prepared to spend significantly to make their trip extra special,” said Collinson International CEO Christopher Evans.  

This presents a big opportunity for businesses and airline companies as many of the experience enthusiasts are willing to travel internationally. Those aged between 25 and 34—largely Millennials—are the biggest spenders on both, experiences and at airports. Although airlines have had a tricky year so far, the rise of the experience economy could only mean more demand for travel in the future.

There’s been no dearth of opportunities for those seeking experiences out. In the sports world, the FIFA World Cup took place in 2022 while the Paris Olympics are ongoing. Last year, pop stars Beyoncé and Taylor Swift went on world tours, and so far this year, we’ve seen high-profile events like Eurovision 2024 in Sweden and the upcoming Lollapalooza in Germany.  

While the events are spread out around the world, London, Paris, and Barcelona are Europe’s magnets for sports and music tourism, while New York and Dubai are also popular with experience-chasers.

Recommended Newsletter: The Fortune Next to Lead newsletter is a must-read for the next generation of C-suite leaders. Every Monday, the newsletter provides the strategies, resources, and expert insight needed to claim the most coveted positions in business. Subscribe now. Sign up for free.