Discount Events And Experiences Market Expected to Reach $202.6 Billion by 2031

quote The rising penetration of internet, social media, and e-commerce is favoring democratization of information among the global consumers, which is expected to have a significant influence on the growth of the global discount events and experiences market in the foreseeable future. quote

According to a new report published by Allied Market Research, titled, "Discount Events And Experiences Market," The discount events and experiences market size was valued at $77.4 billion in 2021, and is estimated to reach $202.6 billion by 2031, growing at a CAGR of 7.6% from 2022 to 2031.

Various companies such as Groupon, Inc., Eventbrite, Zoutons, GrabOn, Virgin Experience Days, Activity Superstore, Buyagift, and Red Letter Days are engaged in providing different types of experiences to the consumers, such as luxurious car driving, sporting and musical events, art and crafts, dinning in exotic restaurants, and luxury spas at a very convenient and discounted pricing. The surging desire among consumers to indulge in various experiences according to their interests and easy availability of these services through the various online ticketing platforms are major factors significantly driving the growth of the global discount events and experiences market.

The rise in adoption of digital technologies and increasing penetration of internet is expected to play a crucial role in the growth of the discount events and experiences market in the near future. According to the International Telecommunication Union (ITU), around 4.9 billion people had access to the internet at the end of 2021, globally. Majority of the internet users had access to the internet through their smartphones and this number is expected to surge significantly. The proliferation of digital technologies and rise in adoption of various online and social media platforms have resulted in democratization of information, which is a significant factor, playing a crucial role in the discount events ad experiences market growth.

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The outbreak of the COVID-19 pandemic resulted in a huge decline in the discount events and experiences market demand in 2020. The lockdown measures adopted by the government to curb the spread of disease has led to the closure of tourists destinations, spas, theaters, fitness centers, and all public places. People were forced to stay at their homes for extended period. Travelling restrictions and stay at home orders significantly harmed the revenues and hampered the discount events and experiences market growth in 2020.

Advancements such as online booking, phone calls, emails, and video conferences have made communication and transactions significantly cost-effective and easy in real time. Apart from the change in approach and purpose in events and experiences management; technology has been a key turning point in the evolutionary process of event and experiences management. In addition, digital evolution has introduced various creative ways to reach a wide customer base for events. Smartphones, desktop apps, and mobile apps have made events efficient and manageable. It has helped people get all tasks organized, managed, and executed without losing much time and efforts. Furthermore, the rise in penetration of social media and various online ticket booking platforms that offer events and experiences to the consumers at discounted prices through coupons and codes is expected to boost the growth of the global discount events and experiences market during the forecast period.

According to the discount events and experiences market analysis, the market is segmented based on the service type and region. By service type, the market is segmented into driving, food and drink, spa and beauty, tour and travel, sports, sightseeing, theater and events, arts and crafts, and others. Region-wise, the discount events and experiences market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia, Netherlands, Sweden, Belgium, Denmark, Finland, Poland, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, Singapore, Thailand, Malaysia, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Saudi Arabia, South Africa, UAE, and rest of LAMEA).

As per the discount events and experiences market trends, by service type, the tour and travel segment dominated the market, accounting for 22.7% of the discount events and experiences market share in 2021. The significant demand for the tours and travels among the people, rise in disposable income, and rise in desire for exploring new places among the millennials are some of the major drivers of the tour and travel segment.

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Region-wise, Europe dominated the global market in 2021, garnering a market share of 36.9%, followed by North America with 29.8% and Asia-Pacific with 28.0%. Asia-Pacific is estimated to be the fastest-growing market during the forecast period, owing to the upsurge in the frequency various exhibitions, concerts, and sports events.

The rise in participation of European population in various sports, physical activities, and other recreational activities has significantly fostered the growth of the discount events and experiences market in the past few years. According to the Eurostat, in 2019, around 44% of the European Union population participated in sports, physical, and recreational activities at least once a week. Furthermore, the rise in trend of online ticket bookings for events and experiences in Europe is playing a crucial role in the growth of the market. The surging adoption of internet, rise in usage of social media, developments in the tourism industry, increasing inclination of population towards exotic and unique experiences, and higher personal disposable income of the consumers are the major factors that has led to the dominance of Europe in the discount events and experiences market. Moreover, the rise in interests of the people towards sports is expected to boost the growth of the sports segment in the European discount events and experiences market in the forthcoming future.

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Groupon, Inc., Eventbrite, Zoutons, GrabOn, Virgin Experience Days, Activity Superstore, Buyagift, Red Letter Days, GFM ClearComms, Anschutz Entertainment Group, CL Events, Clarion Events Ltd., DRPG Group, and Entertaining Asia are some of the leading players in the global discount events and experiences industry. These market players are constantly engaged in various developmental strategies such as partnerships, acquisitions & mergers, agreement, and joint ventures to gain competitive edge over others and exploit the prevailing discount events and experiences market opportunities.

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