The Sports market in Baltics, particularly the basketball market, has seen minimal growth due to factors such as limited media coverage, low consumer interest in merchandise, and ticket sales impacted by the current COVID-19 pandemic. Despite these challenges, the rising popularity of the sport and increasing investments in digital technologies may potentially drive future growth.
Customer preferences: In recent years, there has been a growing interest in sports and fitness in the Baltics, with basketball being a popular choice among consumers. This has translated into an increase in demand for personalized training programs and virtual coaching services. Additionally, with the rise of health and wellness trends, there has been a shift towards more holistic and sustainable approaches to basketball training, with a focus on nutrition and mindfulness in addition to physical exercise. Furthermore, there has been a shift towards inclusive and diverse representation in the basketball market, with a push for greater gender equality and diversity in the sport.
Trends in the market: In the Baltics, there is a noticeable increase in the popularity of basketball as a sport, with a growing number of young players participating in leagues and tournaments. This is accompanied by a rise in investments in training facilities and coaching programs, as well as the formation of professional teams and leagues. The trajectory of this trend is expected to further boost the market for basketball-related products and services and create more opportunities for industry stakeholders. Additionally, the adoption of new technologies, such as virtual coaching and analysis tools, is revolutionizing the way players prepare and perform, leading to continued growth and innovation in the industry. As such, it is crucial for stakeholders to closely monitor and adapt to these trends in order to capitalize on the potential opportunities they present.
Local special circumstances: In the Baltics, basketball is not just a sport, but a cultural phenomenon. It is deeply ingrained in the regions history and traditions, with many renowned players hailing from this area. The popularity of the sport is also fueled by the fact that it is one of the few professional sports leagues in the region, providing a sense of national pride and unity. Additionally, the small size of the Baltic countries creates a tight-knit community, making basketball games a social event that brings people together. The regulatory environment is also favorable, with government support and investments in developing basketball infrastructure and promoting the sport at all levels.
Underlying macroeconomic factors:
The basketball market in the Baltics is heavily impacted by macroeconomic factors such as economic stability, government policies, and consumer spending habits. Countries with strong economic growth, such as Latvia and Estonia, are experiencing a growth in the basketball market due to increased consumer confidence and purchasing power. On the other hand, countries with economic challenges, like Lithuania, may see slower growth in the basketball market. Additionally, factors such as government support for sports programs and investments in sports infrastructure can also play a role in the growth of the basketball market in the Baltics. Overall, a stable and growing economy with favorable government policies can drive the success of the basketball market in the region.
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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