Tuesday, May 28, 2024

Adventure tourism market to hit $5 trillion in 2032: report

The global adventure tourism market, which reached $1,236.6 billion in 2023, is expected hit $5,263 billion by 2032, exhibiting a growth rate (CAGR) of 16.9 percent during 2024-2032, according to a new report.

The report by IMARC Group highlights factors affecting the growth of the adventure tourism industry. They include:

• Rising disposable incomes: The growth of the adventure tourism industry is significantly influenced by the increasing disposable incomes across the globe. As more individuals have greater financial resources, there is a noticeable shift toward spending on experiences rather than material goods. 

This economic empowerment enables more people to engage in adventure travel, which often requires a higher budget for activities like trekking, skydiving, and exotic destination explorations. The desire for unique and personalized experiences drives demand, encouraging the development of new adventure tourism packages tailored to diverse preferences and income levels.

• Social media Influence: The pervasive impact of social media platforms in shaping consumer preferences is a major driver in the adventure tourism industry. Platforms like Instagram and YouTube offer vast exposure to remote and unexplored destinations, inspiring viewers to seek similar experiences. Adventure travelers often share their experiences online, creating a ripple effect that motivates others to explore new activities and destinations. This digital word-of-mouth boosts interest in adventure tourism, prompting tour operators to innovate and market more adventurous and photogenic experiences to attract the social media-savvy traveler.

• Health and wellness trends: The increasing focus on health and wellness is propelling the adventure tourism industry forward. More individuals are seeking active vacations that incorporate physical activities to improve or maintain health, escape the sedentary lifestyle, and reduce stress. Activities such as hiking, biking, and water sports offer exciting experiences and provide health benefits, aligning with the global trend toward healthier living. This convergence of adventure and wellness has led to the emergence of niche offerings that combine thrill-seeking adventures with elements of physical and mental well-being, catering to a growing segment of health-conscious travellers, the report said.

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