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 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.
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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.
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).
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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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