The massive penetration of the internet and social media across the globe along with an increase in e-commerce activities has promoted the dissemination of information among consumers. This has prompted the expansion of the global discount events and experiences market.
PORTLAND, Ore., Sept. 19, 2022 /PRNewswire/ — Allied Market Research recently published a report, titled, “Discount Events and Experiences Market by Service Type (Driving, Food and Drink, Spa and Beauty, Tour and Travel, Sports, Sightseeing, Theater and Events, Arts and Crafts, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.“As per the report, the global discount events and experiences industry was estimated at $77.4 billion in 2021, and is set to reach $202.6 billion by 2031, growing at a CAGR of 7.6% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Drivers, restraints, and opportunities
The massive penetration of the internet and social media across the globe along with an increase in e-commerce activities has promoted the dissemination of information among consumers. This has prompted the expansion of the global discount events and experiences market. The thriving tourism sector and rise in disposable income will boost the global market trends. A prominent increase in customer spending on recreational and leisure events will help in the acceleration of the global market growth in the years ahead. The rise in the use of digital systems and surge in booking of tickets through online ticket booking websites due to the offering of huge discounts and coupon codes will create new growth avenues for the global industry.
- The COVID-19 pandemic outbreak decimated the growth of the global discount events and experiences market due to strict lockdowns leading to the halting of tourist activities and the closure of spas, fitness centers, and theaters.
- The outbreak of the COVID-19 pandemic led to a restriction on travel through land, sea, and air, thereby severely affecting the growth of the global market.
- A decline in the income of the people, rise in layoffs, temporary shutdown of large and small enterprises, and lack of employment opportunities during the COVID-19 period severely truncated the gains of the global market.
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The food and drink segment to dominate the global market in terms of revenue in 2031
Based on the service type, the food and drink segment is set to contribute to the highest market share in 2031, accounting for around one-fifth of the global discount events and experiences market share. The growth of the segment over the forecast period can be attributed to the offering of affordable and premium food and drinks by firms. However, the sightseeing segment is predicted to register the fastest CAGR of nearly 8.7% from 2022 to 2031. The growth of the segment over the assessment period is due to the rising consumer expenditure on visiting and sightseeing activities. As the global economy continues to recover, the sightseeing industry is seeing a renewed interest in discounts and promotions for events and experiences. In order to compete in the discount events and experiences market, businesses in the sector must be able to offer discounts that attract customers while still remaining profitable.
Asia-Pacific to retain global market domination over 2022-2031
By Region,Asia-Pacific is set to contribute notably toward the global discount events and experiences market share in 2031. The region accounted for nearly one-third of the global market share in 2021. The growth of the market in the region over the forecast timespan can be credited to the surging popularity of experiential services among the population, the growing number of exotic and unique spa and relaxation centers, the rise in disposable income, and the growing participation of the consumers in various adventure and recreational activities. Furthermore, the Asia-Pacific discount events and experiences market is set to record the highest CAGR of 9.4% during 2022-2031. The report also analyzes other regions such as North AmericaLAMEA, and Europe.
major market players
- Groupon, Inc.
- Grab On
- Virgin Experience Days
- Activity Superstore
- Red Letter Days
- GFM ClearComms
- Anschutz Entertainment Group
- CL Events
- Clarion Events Ltd.
- DRPG Group
- entertainment Asia
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The report analyzes these key players in the global discount events and experiences market. These players have implemented key business strategies such as strategic expansion, new product launches, alliances, and joint ventures for enhancing market penetration and reinforcing their position in the industry. The report helps the target audience in determining the market performance, performance of each segment, product portfolio development in the market, and contributions made by each player to the market expansion.
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