The Basketball Market in United States is facing challenges with a negligible growth rate due to a decline in media viewership, limited availability of highly sought-after merchandise, and increasing ticket prices. However, factors such as the growing popularity of online streaming and increasing interest in sports among consumers are driving some growth. The overall market is expected to remain stable with the potential for slight growth in the future.
Customer preferences: A growing trend in the United States basketball market is the rise of athleisure wear and footwear. As lifestyles continue to evolve and become more active, consumers are increasingly looking for comfortable and versatile clothing and shoes that can be worn on and off the court. This has prompted sports apparel companies to expand their product lines to cater to this demand. Additionally, the popularity of streetwear and the influence of hip-hop culture have also played a role in the rise of athleisure in the basketball market.
Trends in the market: In the United States, the Basketball Market within the Sports Market is experiencing a surge in demand for virtual training and coaching services. With lockdowns and restrictions on in-person gatherings, many players are turning to online resources to improve their skills and stay connected with the sport. This trend is expected to continue, with the potential to democratize access to elite training and create new revenue streams for coaches and trainers. Additionally, there is a growing interest in diversity and inclusion within the basketball industry, leading to increased support for marginalized communities and potential for new partnerships and collaborations.
Local special circumstances:
In the United States, the Basketball Market is heavily influenced by its rich cultural history and the widespread popularity of the sport. The country also boasts a strong infrastructure for sports, with world-class training facilities and a highly competitive collegiate system. Additionally, the strong focus on individual success and achievement in the US contributes to the competitive nature of the basketball market. Furthermore, the presence of various professional leagues and tournaments in different regions of the country further fuels the fan base and drives demand for merchandise and tickets. Finally, the US market also benefits from favorable regulations and sponsorships, allowing for the continuous growth and expansion of the Basketball Market.
Underlying macroeconomic factors: The Basketball Market within the Sports Market in the United States is heavily influenced by macroeconomic factors such as consumer confidence, disposable income, and the state of the national economy. With a high GDP and strong consumer spending, the US is a major player in the global Sports market. Additionally, fiscal policies such as tax incentives and government support for sports franchises can have a significant impact on the growth and performance of the basketball market. Another important factor to consider is the influence of global economic trends on the US market, as changes in economies abroad can have ripple effects on the demand for basketball products and services.
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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