The Cricket market in Montenegro is experiencing slight decline, impacted by factors such as limited consumer awareness, lack of digital infrastructure, and preference for traditional media and ticket purchasing options. However, with increasing adoption of digital technologies and growing interest in health and fitness, there is potential for growth in the Cricket Media and Ticket Sales sub-markets.
Customer preferences: The increasing popularity of T20 cricket and its fast-paced, high-energy format among young audiences has led to a shift in consumer preferences for shorter, more dynamic matches. This trend has also influenced the rise of new cricket leagues, such as the Indian Premier League and the Caribbean Premier League, catering to this demand. In addition, there has been a growing interest in womens cricket, with the 2020 Womens T20 World Cup setting new records for viewership and attendance. This reflects a larger cultural shift towards gender equality and inclusivity in the sports industry.
Trends in the market: In Montenegro, the Cricket Market is experiencing a surge in popularity, with more people becoming interested in the sport. This trend is expected to continue as the countrys economy grows and more disposable income becomes available for recreational activities. Additionally, there has been a rise in the number of youth cricket leagues being formed, indicating a growing interest and potential for future growth in the market. This trend is significant for industry stakeholders as it presents an opportunity for expansion and development of the sport in the country. It also has the potential to attract foreign investments and partnerships, further boosting the growth of the Cricket Market in Montenegro. Furthermore, this trend could have a positive impact on the overall sports industry, as it diversifies the market and offers more options for fans and enthusiasts.
Local special circumstances: In Montenegro, cricket has been gaining popularity among tourists and expats, leading to the establishment of a local cricket league and training facilities. However, the market is also affected by the countrys relatively small population and limited resources for cricket infrastructure. Furthermore, the sport competes with traditional and popular sports like football and basketball, making it challenging to gain widespread acceptance. Despite these challenges, the growing enthusiasm for cricket among the local population and efforts to promote it as a unique tourist attraction have shown promise for the markets growth potential.
Underlying macroeconomic factors: The Cricket Market within the Sports Market is significantly affected by various macroeconomic factors, such as the overall economic health of the country, global economic trends, fiscal policies, and other financial indicators. Countries with a stable and growing economy tend to have a positive impact on the cricket market, as it indicates increased disposable income and potential for investment in the sport. Furthermore, government policies supporting the development of sports infrastructure and promoting sports tourism can also contribute to the growth of the cricket market. On the other hand, economic uncertainties, low levels of disposable income, and unfavorable fiscal policies can hinder the growth of the market. Additionally, the popularity of cricket is also influenced by socio-cultural factors, such as demographics and cultural traditions, which can further impact the market performance.
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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