The Basketball Market in South Korea is experiencing minimal growth due to various factors such as limited media coverage, lack of availability and promotion of merchandise, and relatively high ticket prices. These hindrances have resulted in low consumer interest and limited adoption of digital technologies in the basketball sector. However, a growing health consciousness and ease of access to online services may lead to potential growth in the market.
Customer preferences: As younger generations in South Korea prioritize health and fitness, there has been a noticeable increase in the popularity of basketball as a form of exercise. This trend is further driven by the growing adoption of digital platforms for fitness tracking and training, as well as the rise of social media fitness influencers. Additionally, the increasing diversity and representation in basketball, with the emergence of female and culturally diverse players, has also sparked interest and drawn in new audiences.
Trends in the market: In South Korea, the Basketball Market is experiencing a surge in popularity and revenue due to the success of the Korean Basketball League (KBL) and the rising popularity of NBA players like Park Chan-hee and Heo Hoon. The market is also seeing a trend towards incorporating technology, with virtual reality training programs and analytics tools being implemented by teams and players. This trend is significant as it enhances the fan experience and player performance. Additionally, it provides opportunities for industry stakeholders to capitalize on the growing demand for advanced basketball technologies in the South Korean market.
Local special circumstances: In South Korea, basketball is one of the most popular and beloved sports, drawing inspiration from both traditional Korean culture and the influence of American basketball. The countrys geographical location has also played a significant role, as South Korea is home to many professional teams and has hosted major international tournaments. Additionally, strict government regulations on foreign players have led to the development of homegrown talent, making the sport highly competitive. The dedicated fanbase and cultural significance of basketball in South Korea make it a unique market with strong potential for growth.
Underlying macroeconomic factors: The Basketball Market within the Sports Market in South Korea is heavily impacted by the countrys macroeconomic factors, such as its strong national economic health, stable fiscal policies, and global economic trends. South Koreas consistent economic growth has led to increasing consumer spending, resulting in a greater demand for sports and leisure activities, including basketball. Moreover, the governments investment in sports infrastructure and its efforts to promote sports as a form of national pride are also contributing to the growth of the basketball market in South Korea.
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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