The American Football market in Latvia has seen minimal growth due to factors such as limited media coverage, low consumer interest, and lack of merchandise and ticket sales. However, the market is expected to pick up with increasing investment in media, rising popularity of the sport among young people, and efforts to expand merchandise and ticket sales opportunities. Nonetheless, challenges such as competition from other sports and limited funding for development may continue to impact the markets growth rate.
Customer preferences: The American Football Market has witnessed a significant shift towards female participation, with more women showing interest in the sport and joining local teams. This trend can be attributed to the increasing awareness and promotion of female empowerment and gender equality, as well as the growing popularity of womens sports. Additionally, the rise of social media and online platforms has made it easier for female players to connect and engage with the wider football community, further fueling the growth of the sport.
Trends in the market: In Latvia, American football has been gaining popularity in recent years, with the Latvia American Football Federation reporting a 45% increase in registered players in the last five years. This trend is fueled by the increased media coverage of the sport, as well as the growing participation of youth and amateur teams. In the US, the market for fantasy football apps has seen significant growth, with millions of users joining each year. Additionally, there is a rise in demand for alternative football leagues, such as the Alliance of American Football, providing more opportunities for players and generating more excitement for fans. These trends indicate a growing interest and potential for growth in the American football market, presenting opportunities for industry stakeholders to expand in this market.
Local special circumstances: In Latvia, American football is gaining popularity due to its uniqueness and novelty among other traditional sports. The countrys cold climate provides opportunities for indoor football leagues, adding to the sports appeal. The cultural influence of neighboring countries like Russia and Sweden also contributes to its growth. However, the limited funding and resources for infrastructure development pose challenges for the sports expansion. In contrast, the American Football Market in the US is fueled by its rich history and strong fan base, leading to a highly competitive and lucrative industry. The countrys large population and high disposable income allow for significant investments in player development and state-of-the-art stadiums, driving the markets growth.
Underlying macroeconomic factors:
The American Football Market in Latvia is influenced by macroeconomic factors such as consumer spending, economic stability, and government support. With a strong consumer base and growing interest in the sport, the demand for American football equipment and events is increasing. Additionally, economic stability in the country has led to higher disposable incomes, which has positively impacted the purchasing power of consumers in the market. Moreover, the government’s investments in sports infrastructure and promotion of American football as a popular sport in the country have also contributed to the growth of the market. However, fluctuations in the national economy and changes in fiscal policies can affect the overall performance of the market. It is important to closely monitor these macroeconomic factors to understand their impact on the American Football Market in Latvia.
Data coverage:
The data encompasses B2C and B2B revenues. Figures are based on media spending, merchandise spending, and ticket spending. All monetary figures for merchandise and tickets refer to consumer spending on goods or tickets in the respective segment, which can be online and offline.Modeling approach / Market size:
Market sizes are determined through a combination of bottom-up and top-down approaches, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., Consumer Insights), as well as performance factors (e.g., user penetration, price per ticket, price on sport goods). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, number of internet users, and internet consumption. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function or linear forecasting, as it fits the development of either strong growing markets or more sophistacted and saturated markets, such as soccer in Europe.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). We also account for the different cycles of international tournaments, such as world cups or continent cups. Consumer Insights data is reweighted for representativeness.
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