LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global sports tourism market to grow at a CAGR of more than 41% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global sports tourism market for 2017-2021. The market is segmented based on type (international sports tourism and domestic sports tourism) and geography (EMEA, the Americas, and APAC).
The global sports tourism market is in its nascent stage and will experience a promising growth during the forecast period. The sports tourism is gaining high traction because of the extraordinary experience involved in it. This type of tourism involves high enthusiasm and passion for exploring, understanding, and analyzing sports, strategy, and coordination of different teams participating in sports.
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Technavio media and entertainment research analysts highlight the following three factors that are contributing to the growth of the global sports tourism market:
- Growing spending capability
- Increased preference for sports tourism to break mundane lifestyle
- Growing contribution toward GDP and employment
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Growing spending capability
Per capita disposable income has low volatility in developed countries, which is attributed to the spike in double-income households. This has a direct influence on the individuals' spending capability. As a result of improved spending capability, the affordability of high-end products and services has increased in developing countries. Therefore, higher disposable incomes in Pacific Rim countries such as Malaysia, Indonesia, and Vietnam will drive the global sports tourism market even further.
Ujjwal Doshi, a lead media and entertainment services research analyst at Technavio, says, “The number of working women has considerably increased worldwide. In 2016, in the US, more than 57% of the women were working, and 70% of the women with children under the age of 18 participated in the labor force. This is creating a financial boost in the overall income, enabling consumers to spend lavishly on sports tourism and related activities. The demand for sports tourism has increased over the past few years due to the unique experience it provides while witnessing the sporting events.”
Increased preference for sports tourism to break mundane lifestyle
The tourism industry is experiencing unstoppable growth. Tourism is a good source of refreshment from a robotic lifestyle. To break the monotony of life, many individuals prefer a vacation for short or long span. However, as the generation is trending rapidly, the definition of tourism is changing and is moving toward exploration. Learning about traditional culture, values, cuisine, monuments, and lifestyle has interested the individuals of X and Y generation as it leaves a remarkable long-lasting experience with the tourists.
“Countries like the US, the UK, Germany, France, Spain, and Australia are popular for such sporting events and are experiencing a high number of domestic and international travelers from across the world. In addition, many developing countries, such as India, Sri Lanka, and Brazil, are improving their infrastructure to attract a larger customer base, which is likely to foster the growth of the global sports tourism market,” adds Ujjwal.
Growing contribution toward GDP and employment
Sports tourism, directly and indirectly, supports the global economy in terms of GDP and employment. Companies are offering sports tourism goods and services from their suppliers, forming the tourism supply chain. The purchasing decisions are made by the frontline companies that deal with accommodation, hospitality, and transportation services.
These frontline companies determine the consumption need of visitors or tourists, a post that the orders are given to the suppliers, who deliver products and services for the maximum comfort of the sports tourists. Some of the other services that have a direct impact on the GDP are hotels, airlines, airports, and services by travel agents that deal directly with tourists.
Top vendors:
- BAC Sport
- Great Atlantic Sports Travel
- ITC Sports Travel
- TUI
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