Leisure the biggest industry in the world

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.