Leisure the biggest industry in the world

October 6, 2019

Leisure - the industry consisting of aquatics, attractions, entertainment, events, fitness, hospitality, parks, recreation, sport, tourism and venues - has been assessed as being the largest industry in the world, accounting for 10.4% of world GDP and contributing a record US$8.8 trillion and 319 million jobs to the world economy in 2018.

Assessing World Travel and Tourism Council (WTTC) data released earlier this, Parker Randall International, a top-ranked, international association of independent audit and accounting firms, highlighted how the industry has grown faster than the global economy over eight successive years (3.9% for leisure compared with 3.2% for global GDP).

The employment impact of the industry sees it represent one in 10 of all jobs globally and being responsible for one in five of all new jobs created around the world over the last five years. This makes leisure the second-fastest growing sector in the world, ahead of healthcare (+3.1%); information technology (+1.7%) and financial services (+1.7%) and behind only manufacturing, which grew by 4%.

Ongoing growth in industry employment - expected to account for 421 million jobs by 2029 - will also be driven by ongoing increases in leisure spending.

The Parker Randall International assessment sees that growth of the industry can be seen as result of shifting demographics, falling unemployment, rising use of technology and increasing diversity - but it may well be that increasing choice and price competitiveness are key to consumers being able to enjoy a rising number of leisure products.

And while some research suggests approaching market saturation in some sectors, growth opportunities still exists for those looking to reach new groups of consumers.

Image: Walkers on South Australia's Heysen Trail.

5th August 2019 - Attendances rise and water consumption falls at Western Australian aquatic centres

14th November 2018 - Village Roadshow Theme Parks set to launch its biggest Summer Ever

12th November 2018 - Dunedin to host 2022 World Leisure Congress

14th August 2018 - WTTC research shows tourism generated 18% of New Zealand’s GDP in 2017

8th April 2018 - IBISWorld shows that 24/7 budget gyms have transformed Australian fitness

13th June 2017 - New WTTC research shows global tourism supports twice as many jobs as the financial sector

26th April 2017 - Local councils make big investments in tourism

8th March 2016 - Tourism representatives highlight value of the visitor economy to Government

3rd February 2016 - Parks Week to advocate for the value of the outdoors

31st December 2015 - A year in leisure, our top stories of 2015

3rd July 2014 - Value of the Arts explored at APACA’s annual conference

23rd May 2014 - FINA aims to develop the global aquatics industry

7th June 2012 - World Leisure Congress to reinterpret the meaning of ‘leisure’

19th August 2011 - Aquatics and recreation doesn’t receive ‘recognition it deserves’

19th November 2010 - Forget Leisure: Focus on the Experience Industry

15th January 2010 - Les Mills Releases ‘Future of Fitness’ Research

12th November 2009 - ANZALS to Explore New Directions in Leisure Studies

Support our industry news service
We hope that you value the news that we publish so while you're here can we ask for your support?

As an independent publisher, we need reader support for our industry news gathering so ask that - if you don't already do so - you back us by subscribing to the printed Australasian Leisure Management magazine and/or our online news.

Click here to view our subscription options.