Yes, it\u2019s the summer, but turns out, it\u2019s 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>, a global travel company that operates a slew of airport priority and lounge programs.<\/p>\n It found that the sports and music tourism economy, valued at $571 billion cumulatively in 2023, will balloon to $1.5 trillion by 2032.\u00a0<\/p>\n 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.\u00a0<\/p>\n \u201cIt is clear that sports and music tourism is booming and event travellers have high aspirations,\u201d the report said.\u00a0<\/p>\n Alex Bierens de Haan\u2014Getty Images<\/p>\n<\/div>\n Collinson\u2019s research considers 8,537 travelers who flew to an event\u2014either internationally or domestically\u2014from 17 countries.<\/p>\n The report identifies streaming as an added reason for this trend as more people engage with international events online.<\/p>\n Formula One is an example of this\u2014it has shot to fame in recent years, thanks to the Netflix series Drive to Survive<\/em>. That has not only pushed up viewership for the various Grands Prix but it\u2019s also lured more people<\/a> to watch it in person, even if at a higher price tag.<\/p>\n \u201cRevenge spending<\/a>,\u201d 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.<\/p>\n \u201cThe 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,\u201d said Collinson International CEO Christopher Evans.\u00a0\u00a0<\/p>\n 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\u2014largely Millennials\u2014are the biggest spenders on both, experiences and at airports. Although airlines have had a tricky year<\/a> so far, the rise of the experience economy could only mean more demand for travel in the future.<\/p>\n Gregor Fischer\u2014TAS24\/Getty Images for TAS Rights Management<\/p>\n<\/div>\n There\u2019s 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<\/a> are ongoing. Last year, pop stars Beyonc\u00e9 and Taylor Swift went on world tours, and so far this year, we\u2019ve seen high-profile events like Eurovision 2024<\/a> in Sweden and the upcoming Lollapalooza in Germany.\u00a0\u00a0<\/p>\n While the events are spread out around the world, London, Paris, and Barcelona are Europe\u2019s magnets for sports and music tourism, while New York and Dubai are also popular with experience-chasers. <\/p>\n<\/div>\n![\"spectators](\"https:\/\/fortune.com\/img-assets\/wp-content\/uploads\/2024\/08\/GettyImages-2164334923-e1722596848296.jpg?w=1440&q=75\"\/)
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