More than meets the eye
This economic assessment report - The Experience Economy - More than meets the Eye published in 2024 sets out a vision for creating the conditions to achieve world class potential that is sustainable and uniquely Irish.
What is the Experience Economy?
The Experience Economy consists of businesses and organisations that create immersive, memorable experiences for people, in addition to selling goods and services. It spans the arts, cultural, sporting and heritage sectors, as well as hospitality, retail, travel, tourism, entertainment, and events.
This is an ecosystem like no other. Imagine the Cliffs of Moher during peak tourist season or Croke Park on a full day; all the services and suppliers that make those places work – the security, the cleaners, the stewards, the caterers… That is Ireland’s Experience Economy.
It brings us deeper than the surface of traditional ‘front of house,’ reaching into the supply chain of ancillary suppliers and contractors along with a crucial interdependency with our indigenous food and drink industry.
Ireland’s Experience Economy is a vast interconnected ecosystem that encompasses thousands of businesses across multiple sectors, both large and small, ranging from indigenous Irish and foreign multinationals to small businesses employing local people in local areas. It sustains rural areas, SMEs and labour markets with more limited employment opportunities promoting regional development in “hard to reach” but critical parts of our economy and society. It contributes €4 billion annually to the Irish economy and employs over 330,000 people.
The interconnectedness within the Experience Economy ecosystem depends on all businesses being successful if the wider sector is to succeed and consequently it is a key driver of Ireland’s economic and social success.
This report published in 2024 provides insights into its value to the Irish economy and key findings from an Ibec survey. The essential segment of the economy faces numerous challenges and in this report we detail key recommendations for Government in areas that require support such as labour market and competitiveness, skills and education, digitalisation, innovation, and sustainability.
Ireland's Experience Economy in Numbers
330,000
Over 330,000 jobs are supported either directly or indirectly from the Experience Economy
20%
20% of all private sector employment in Ireland is accounted for by the Experience Economy.
€4.5bn
€4.5 billion in annual wages and salaries bill from direct employment in the sector, including employment taxes
€1 in €3
€1 in every €3 spent of Irish household consumer spending is on the Experience Economy compared to €1 in every €4 spent in EU households
€4.0bn
€4.0 billion annual expenditure on purchases of goods and services including €1 billion in purchases from domestic food & drink suppliers
€3.0bn
Domestic tourism & travel expenditure generated over €3 billion for the Irish economy
100 / 40
For every 100 jobs created directly in the Experience Economy, another 40 are supported elsewhere in the Irish economy
6.6 million visitors
In 2024, 6.6 million overseas visitors to Ireland spent €6 billion (excluding fares)
Unlocking Potential in Ireland's Experience Economy
Sharon Higgins and Chair, Catherine Toolan discuss the work of Ibec's Experience Economy Policy Committee.
View / Our case studies
The report contains case studies from leading employers within the Experience Economy to further illustrate how a diverse range of businesses work together to create economic impact, response to key business issues and generate significant employment in their local areas. The case studies describe how businesses are promoting the adoption of digitalisation and innovation, tackling environmental sustainability and climate change issues and fostering talent and skills.
