The Basketball Merchandise Market in Armenia has been gradually growing due to factors such as the increasing popularity of basketball, rising interest in sports merchandise, and convenience of online shopping. However, the market is currently experiencing a negligible growth rate due to the COVID-19 pandemic and economic downturn.
Customer preferences: Due to the rise of the popularity of basketball in Armenia, there is a growing demand for basketball merchandise such as jerseys, shoes, and accessories. This can be attributed to the increasing number of young basketball fans in the country, as well as the influence of international tournaments and players. Additionally, with the growth of e-commerce and social media platforms, there has been a shift towards online shopping for basketball merchandise. This trend allows for more variety and convenience for customers, as well as the potential for exposure to different global brands. Moreover, the use of social media by basketball stars and influencers has also contributed to the growth of the market by influencing consumer preferences and creating a desire for trendy and fashionable merchandise.
Trends in the market: In Armenia, the basketball merchandise market is seeing an increase in online sales, with more consumers turning to e-commerce platforms for their purchases. In addition, there is a growing trend of incorporating sustainable and eco-friendly materials in the production of basketball merchandise, driven by consumer demand for environmentally responsible products. These trends are expected to continue and have significant implications for industry stakeholders, including the need for strong online presence and incorporating eco-friendly practices in production processes.
Local special circumstances: In Armenia, the Basketball Merchandise Market of the Basketball Market within the Sports Market is influenced by factors such as the countrys historical love for basketball and its competitive spirit, as well as its growing economy and urbanization. Unlike other markets, there is a strong sense of community and camaraderie within the basketball community, leading to a high demand for merchandise. Moreover, the countrys unique mix of Eastern and Western cultures creates a diverse audience for basketball, with a strong preference for high-quality, authentic merchandise. Government support for sports and the emergence of a tech-savvy younger generation also drive the growth of the basketball merchandise market in Armenia.
Underlying macroeconomic factors: The Basketball Merchandise Market of the Basketball Market within the Sports Market is influenced by macroeconomic factors such as consumer spending, economic growth and disposable income. An increase in consumer spending on sports merchandise and apparel is driven by rising awareness and interest in basketball, as well as increasing disposable income. Additionally, the economic growth and stability in Armenia is fueling investments and government initiatives in the sports sector, which is expected to boost the demand for basketball merchandise. The growth of the tourism industry in the country and the increasing popularity of basketball as a spectator sport are also likely to contribute to the growth of the basketball merchandise market.
Data coverage:
The data encompasses B2C revenues. Figures are based on merchandise spending. All monetary figures refer to consumer spending on goods 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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