Recreation Industry Outlook: Rising Touring and Live Performances to Drive Growth with a 5.7% CAGR

The Global Market Model Recreation Industry Outlook: Rising Touring and Live Performances to Drive Growth with a 5.7% CAGR

LONDON, GREATER LONDON, UNITED KINGDOM, September 20, 2024 /EINPresswire.com/ -- The Global Market Model is the world’s largest database of market forecasts. Forecasts for over 10,000 markets are updated semi-annually based on economic, geopolitical, and sector-specific factors. The current forecast was made in July 2024, revising the previous forecasts from February 2024.

Recreation Industry Size and Growth
In 2023, the global recreation market was valued at $1,554.9 billion. It is projected to grow at a compound annual growth rate (CAGR) of 5.7% from 2023 to 2033. This growth is driven by factors such as the legalization of gambling in various countries, increased touring and live performances, and a growing shift towards health and fitness.

Market Composition and Recreation Market Key Segments
Recreation includes activities and experiences enjoyed during leisure time. The market accounted for 1.5% of global GDP in 2023, with per capita consumption at $197.3 annually. The largest segment, amusements, represented 39.3% of the total market in 2023. The USA led the market, accounting for 28.9% of the global total.

Recreation Market Trends and Leading Markets
The market benefits from high spending on recreational activities in developed economies and increasing disposable incomes in emerging countries. A strong performance in the global tourism industry also supports market growth. The sector's recovery post-pandemic was stronger than anticipated, despite challenges such as high inflation, reduced discretionary income, and cost-of-living pressures.

Stability of Recreation Market Forecasts
The forecast remains stable from February 2024. Adjustments have been made for the strong post-pandemic recovery and the impacts of high inflation and reduced consumer spending. Updates to historical market data ensure accuracy in projections.

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For more detailed insights into the global recreation industry, visit https://www.thebusinessresearchcompany.com/global-forecast.

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