The Sports market in Bosnia and Herzegovina has shown slow growth due to various factors such as lack of infrastructure and funding, low interest in traditional sports, and the dominance of other recreational activities. Despite the popularity of soccer and basketball, the overall market is impacted by limited sponsorship opportunities and a small fanbase, resulting in a negligible growth rate. Improving infrastructure and increasing government support could potentially drive growth in the future.
Customer preferences: With the rise of a younger and more digitally-savvy population, there has been a notable shift towards e-sports in Bosnia and Herzegovina. This has led to an increased demand for related merchandise and merchandise partnerships. Additionally, there has been a notable rise in the demand for fitness and wellness products, as these trends are being embraced by the countrys youth. As a result, there has been a significant increase in sales of sports apparel and equipment, as well as a rise in sponsorships and partnerships with fitness influencers on social media. Overall, the Sports market in Bosnia and Herzegovina is adapting to the changing needs and preferences of consumers, with a greater emphasis on digital integration and wellness promotion.
Trends in the market: In Bosnia and Herzegovina, the Sports market is seeing a trend towards increased investment in infrastructure and facilities, particularly for popular sports such as basketball and football. This includes the construction of new stadiums and upgrades to existing ones. Additionally, there has been a rise in the popularity of locally organized sports leagues and events, providing opportunities for local businesses to sponsor and advertise. There is also a push towards incorporating technology into sporting events, such as live streaming and e-ticketing systems. These trends indicate a potential growth in the Sports market and present opportunities for industry stakeholders to capitalize on the increasing interest in sports in the region.
Local special circumstances:
In Bosnia and Herzegovina, the Sports Market is heavily influenced by the countrys rugged terrain and passion for outdoor activities. The beautiful mountainous landscape and temperate climate make it an ideal location for adventure sports such as hiking, skiing, and mountain biking. Additionally, the strong cultural tradition of team sports, particularly football, also drives the demand for sports equipment and facilities. However, strict government regulations and bureaucratic barriers have hindered the growth of the market, leading to a limited number of professional sports teams and limited investment in modern sports infrastructure. Despite these challenges, the market continues to thrive with a growing interest in participating in and spectating sporting events, making it a unique and exciting market for sports businesses to explore.
Underlying macroeconomic factors: The Sports market in Bosnia and Herzegovina is also influenced by macroeconomic factors such as economic stability, government policies, and consumer spending. The countrys overall economic health, including factors such as GDP growth and employment rates, can impact the purchasing power of consumers and their willingness to spend on sports-related products and services. In addition, government policies and regulations, such as tax incentives for sports-related businesses and investment in sports infrastructure, can greatly affect the growth rate of the market. Lastly, consumer spending and disposable income are important indicators of the overall demand for sports-related goods and services in the country, making them crucial macroeconomic factors to consider in this market.
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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