The Sports Market in Thailand is experiencing slow growth, specifically in the Basketball sub-market, due to factors such as limited media coverage, low merchandise sales, and decreasing ticket sales. However, government initiatives to promote the sport and increasing investments in infrastructure may lead to potential growth in the future.
Customer preferences: In recent years, there has been a growing interest in mindfulness and stress-reducing activities among Thailands urban population. As a result, there has been a rise in the popularity of yoga and meditation, with more individuals incorporating these practices into their daily routines. This trend has also extended to the basketball market, with an increased focus on incorporating mental well-being and self-care practices into training programs. This shift towards a holistic approach to health and wellness is driven by the recognition of the importance of mental and emotional well-being in sports performance.
Trends in the market: In Thailand, the Basketball market is seeing a surge in popularity, with more local players making their mark on the global stage. This trend is driven by the countrys increasing interest in the sport, as well as the rise of local leagues that provide opportunities for young talent to develop. As a result, there has been a rise in the number of international tournaments hosted in Thailand, showcasing the countrys potential as a basketball hub. This trend is significant not only for Thai players and leagues, but also for sports equipment manufacturers and sponsors who can tap into this growing market. Additionally, the success of Thai players in international leagues could also lead to an increase in youth participation, boosting the overall development of basketball in Thailand.
Local special circumstances: In Thailand, the Basketball market is heavily influenced by the countrys love for the sport and its strong cultural ties. The popularity of basketball can be traced back to the 1980s when American NBA players brought the game to Thailand, inspiring locals to embrace and develop their own unique style of playing. Additionally, the growth of social media and online streaming platforms have made it easier for fans to access and follow both local and international basketball teams and leagues, further fueling the markets growth. Furthermore, the governments investment in sports infrastructure and initiatives to promote basketball as a sport has led to an increase in the number of players and fans, solidifying the sports presence in the countrys Sports market.
Underlying macroeconomic factors: The Basketball Market in Thailand is heavily influenced by macroeconomic factors such as the countrys economic health and government policies. With a strong and stable economy, Thailand has the financial resources to support the growth of the Sports market and attract foreign investment. In addition, the increasing popularity of basketball among the younger generation in Thailand has also contributed to the growth of the market. However, factors such as inflation, exchange rate fluctuations, and political instability could potentially hinder market growth. Nevertheless, with the support of favorable macroeconomic conditions, the Basketball Market in Thailand is expected to continue growing in the coming years.
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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