The Singapore basketball market is seeing limited growth, potentially impacted by factors such as competition from other sports, lower media coverage and declining ticket sales due to the transition to online platforms. Merchandise sales remain steady, driven by fan loyalty and limited offerings.
Customer preferences: Amidst the COVID-19 pandemic, there has been a noticeable increase in virtual basketball training programs and online coaching services. With social distancing measures in place, many individuals have turned to virtual platforms to continue honing their basketball skills and staying connected with the sport. This shift towards virtual training and coaching also offers a convenient and cost-effective solution for individuals who may face barriers to traditional in-person training, such as time constraints or physical limitations. Additionally, the rise in virtual training has also opened up opportunities for coaches and trainers to expand their reach and tap into a larger market, as geographic barriers are no longer an issue.
Trends in the market: In Singapore, the Basketball market is seeing a rise in online training programs and virtual coaching services due to the COVID-19 pandemic. This trend has allowed individuals to continue improving their skills and stay connected to the sport while practicing social distancing. Additionally, there is a growing trend in the use of data analytics and technology in basketball games, such as smart sensors and video analysis tools. These advancements have significant implications for coaches and players, providing valuable insights and improving overall performance. However, it may also lead to a potential shift in traditional coaching methods and recruitment strategies.
Local special circumstances: In Singapore, the Basketball Market within the Sports Market is heavily influenced by the countrys small size and dense population. This has led to a strong focus on indoor facilities and the development of indoor basketball leagues and tournaments. Additionally, Singapores multicultural society has resulted in a diverse range of local and international players, attracting a large audience and avid fan base. The city-states strict regulations on sports betting have also fostered a strong sportsmanship culture, with fans focused on supporting and promoting the sport rather than solely on its outcomes.
Underlying macroeconomic factors: The Basketball Market in Singapore is heavily influenced by macroeconomic factors such as economic stability, consumer spending power, and government policies. The growth of the market is dependent on the overall economic health of the country, with a stable financial system and favorable fiscal policies contributing to a conducive environment for growth. Additionally, global economic trends also impact the market, with changes in consumer behaviors and preferences affecting demand for basketball products and services. Other relevant financial indicators, such as inflation rates and currency exchange rates, also play a role in determining market performance. As such, it is crucial for businesses operating in the Basketball Market to closely monitor and adapt to macroeconomic conditions in order to stay competitive and sustain growth.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
