The sports tourism market is expected to grow by USD 1,381bn (€1,161bn) during 2020-2024, according to new research by Technavio.
The forecast comes just after Japanese authorities have announced that international visitors will not be permitted to attend the Summer Olympiad in Tokyo. The announcement on Saturday 20 March sets the stage for a drastically scaled-back event.
Some 600,000 Olympic tickets purchased by overseas residents will have to be refunded, as will another 300,000 Paralympic tickets, Toshiro Muto, chief executive of the Tokyo 2020 organising committee announced at a press conference.
“We share the disappointment of all enthusiastic Olympic fans from around the world, and of course the families and friends of the athletes, who were planning to come to the Games,” said IOC President Thomas Bach. “For this I am truly sorry. We know that this is a great sacrifice for everybody. We have said from the very beginning of this pandemic that it will require sacrifices. But we have also said that the first principle is safety. Every decision has to respect the principle of safety first. I know that our Japanese partners and friends did not reach this conclusion lightly. Together with them, the IOC’s top priority was, is and remains to organise safe Olympic and Paralympic Games for everyone: all the participants and, of course, our gracious hosts, the Japanese people. We stand shoulder-to-shoulder at the side of our Japanese partners and friends, without any kind of reservation, to make the Olympic and Paralympic Games Tokyo 2020 a great success. Together with our Rights-Holding Broadcasters, we will make every effort so that the fans from around the world will be able to experience the Olympic spirit. In this way, the Olympic and Paralympic Games Tokyo 2020 will be the light at the end of the tunnel and a safe manifestation of peace, solidarity and the resilience of humankind in overcoming the pandemic.”
According to the Technavio report, “With the continuing spread of the novel coronavirus pandemic, organisations across the globe are gradually flattening their recessionary curve by leveraging technology. Many businesses will go through response, recovery, and renew phases. Building business resilience and enabling agility will aid organisations to move forward in their journey out of the COVID-19 crisis towards the Next Normal.”
Enterprises will go through the Response, Recovery, and Renew phases…
The sports tourism market will witness a negative impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio’s pandemic-focused market research, market growth decreased in 2020 as compared to 2019.