Market for discount events and experiences to reach $202.6 billion globally by 2031 at a CAGR of 7.6%: Allied Market Research

The massive penetration of the internet and social media around the world along with an increase in e-commerce activity has fueled the spread of information among consumers. This has led to the expansion of the global discount events and experiences market.

PORTLAND, Ore., September 19, 2022 /PRNewswire/ — Allied Market Research recently published a report titled “Market for discount events and experiences by Service Type (Driving, Food & Beverage, Spa & Beauty, Tour & Travel, Sports, Sightseeing, Theater & Events, Arts & Crafts, Other): Global Opportunity Analysis and Industry Forecast, 2021-2031.“According to the report, the global discount events and experiences industry has been appreciated $77.4 billion in 2021 and is to be achieved $202.6 billion to 2031, growing at a CAGR of 7.6% from 2022 to 2031. The report provides a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes and competitive scenarios.

Drivers, Limitations and Opportunities

The massive penetration of the internet and social media around the world along with an increase in e-commerce activity has fueled the spread of information among consumers. This has led to the expansion of the global discount events and experiences market. The thriving tourism sector and increase in disposable income will boost global market trends. A marked increase in customer spending on recreation and leisure events will help accelerate global market growth in the years to come. The increasing use of digital systems and the increase in booking 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.

Covid-19 scenario:

  • The outbreak of the COVID-19 pandemic decimated the growth of the global discount events and experiences market due to strict lockdowns that resulted in the suspension of tourism activities and the closure of spas, fitness centers and theaters.
  • The outbreak of the COVID-19 pandemic led to the restriction of travel by land, sea and air, thereby severely affecting the growth of the global market.
  • A decline in people’s income, an increase in layoffs, the temporary closure of large and small businesses, and the lack of job opportunities during the COVID-19 period have severely impacted global market gains.

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The food and beverage segment is projected to dominate the global market in terms of revenue in 2031

Based on the type of service, the food and beverage segment is projected to contribute the top market share in 2031, accounting for about one-fifth of the global discount events and experiences market share. The growth of the segment during the forecast period can be attributed to the companies offering affordable and quality food and beverages. However, the sightseeing segment is expected to register the fastest CAGR of nearly 8.7% from 2022 to 2031. The segment’s growth over the review period is attributed to increasing consumer spending on visits and sightseeing activities. As the global economy continues to recover, the sightseeing industry is seeing renewed interest in discounts and promotions for events and experiences. To compete in the discount events and experiences market, companies in the industry must be able to offer discounts that attract customers while remaining profitable.

Asia Pacific to maintain global market dominance through 2022-2031

By region, Asia Pacific will notably contribute to the global market share of discount events and experiences in 2031. The region accounted for almost a third of the global market share in 2021. The growth of the market in the region exceeds the forecast This period of time is due to the rising popularity of experiential services among the population, the growing number of exotic and unique spa and relaxation centers, the growth in disposable income and growing consumer participation in various adventure and leisure activities. Besides the Asia Pacific The discount events and experiences market is expected to register the highest CAGR of 9.4% during the period 2022-2031. The report also analyzes other regions such as North AmericaLAMEA and Europe.

Important market participants

  • Groupon, Inc.
  • Eventbrite
  • Zoutons
  • GrabOn
  • Jungfrau experience days
  • Activity Superstore
  • buy a gift
  • Red Letter Days
  • GFM ClearComms
  • Anschutz Entertainment Group
  • CL events
  • Clarion Events Ltd.
  • DRPG group
  • Entertaining 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 to improve market penetration and strengthen their position in the industry. The report helps the target audience to determine the market performance, the performance of each segment, the evolution of the product portfolio in the market, and the contributions of each player to the market expansion.

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