The basketball market in the Philippines has been experiencing sluggish growth, impacted by factors such as limited spending power of consumers, inconsistent performance of local teams, and a lack of innovative and engaging media coverage. However, there is potential for growth with a growing interest in international basketball events and the rise of online merchandise and ticket sales.
Customer preferences: There has been a rise in the popularity of basketball tournaments and leagues in the Philippines, with more companies investing in sponsorships and partnerships with local teams. This trend is driven by the countrys deep love for the sport and the increasing number of young Filipinos turning to basketball as a career option. Additionally, with the growth of social media and the rise of basketball influencers, there is a growing demand for authentic and culturally relevant content, driving brands to tap into this market and cater to the preferences of Filipino consumers.
Trends in the market: In the Philippines, the Basketball Market within the Sports Market industry is experiencing a surge in online sales and e-commerce. With the increasing popularity of online shopping and the convenience it offers, consumers are turning to online platforms for purchasing basketball-related merchandise and tickets. This trend is expected to continue its upward trajectory, with the rise of digitalization in the countrys retail sector. This trend signifies the growing importance of e-commerce in the Philippines and has significant implications for industry stakeholders, particularly in terms of improving their online presence and providing a seamless online shopping experience for consumers. It also highlights the potential for further growth in the digitalization of the Sports market in the country.
Local special circumstances: In the Philippines, basketball is deeply ingrained in the culture and seen as a national sport. Its popularity is attributed to the countrys historical ties with the United States, as well as its warm and tropical climate that allows for outdoor play year-round. Furthermore, the lack of strict regulations allows for a more grassroots and community-driven approach to the sport, leading to the rise of local leagues and tournaments. Additionally, the strong influence of social media in the Philippines has also contributed to the growth of the basketball market, as it allows for easier and more widespread promotion of games and players.
Underlying macroeconomic factors: The success of the Basketball Market in the Philippines is heavily influenced by macroeconomic factors such as consumer spending patterns, income levels, and economic stability. With a growing economy and rising consumer confidence, there is a higher demand for sports and entertainment activities, including basketball. Additionally, government initiatives to promote sports and investment in infrastructure for sporting events have also contributed to the growth of the market. On a global level, the increasing popularity of basketball as a sport has created a demand for merchandise and sponsorships, boosting the profitability of the market in the Philippines.
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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