The Basketball Merchandise Market within the Sports Market in the Philippines has been experiencing limited growth, influenced by factors such as low consumer interest, lack of availability and high prices.
Customer preferences: As the popularity of basketball continues to grow in the Philippines, so does the demand for basketball merchandise. Filipinos are known for their love and passion for the sport, resulting in a thriving market for basketball apparel, footwear, and accessories. However, with the rise of social media and online shopping, there is a noticeable shift towards online purchases rather than in-store. This is driven by the convenience and accessibility of e-commerce platforms, making it easier for fans to purchase their favorite basketball merchandise. Additionally, there is an emerging trend of prioritizing sustainable and ethical fashion choices, leading to a rise in demand for environmentally-friendly and socially responsible basketball merchandise options.
Trends in the market: In the Philippines, the Basketball Merchandise Market within the Sports Market is experiencing a surge in online sales, with more customers turning to e-commerce platforms to purchase basketball merch. Simultaneously, there is a rise in the use of social media influencers to promote and endorse basketball merchandise, leading to increased brand awareness and sales. This trend is significant as the country is a basketball-crazed nation, and the rise in online sales indicates a broader reach and accessibility of merchandise to fans. For industry stakeholders, this trend presents an opportunity to leverage social media and digital platforms for marketing and reaching a wider audience. Additionally, the increasing demand for online purchases highlights the importance of having efficient and user-friendly e-commerce channels for this market segment.
Local special circumstances:
In the Philippines, basketball is not just a sport, but also a cultural phenomenon deeply ingrained in the daily lives of Filipinos. This strong connection to the sport has led to a highly lucrative basketball merchandise market, propelled by the jerseys, shoes, and other products endorsed by popular local players. Moreover, the Philippines is a country with a high internet and social media penetration, making it easier for brands to engage with consumers and promote their merchandise. On the regulatory front, the Philippines does not have strict intellectual property laws, making it easier for counterfeit merchandise to flood the market and affect sales of authentic products. These unique local factors undoubtedly play a significant role in shaping the dynamics of the basketball merchandise market in the Philippines.
Underlying macroeconomic factors: The Basketball Merchandise Market in the Philippines is heavily influenced by macroeconomic factors such as the countrys economic stability, consumer spending power, and government policies. For instance, a growing economy and rising disposable income among Filipinos have led to an increased demand for luxury and branded basketball merchandise. However, fluctuations in economic growth and purchasing power can impact market performance. Additionally, government initiatives that support local manufacturing and export of sports merchandise can also contribute to the growth of the 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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