The cricket market in Singapore has been slowly declining due to factors such as low media coverage and high ticket prices. This has impacted the overall market growth rate significantly, as consumers tend to opt for other sports with more accessible coverage and lower costs. This trend can also be attributed to the lack of awareness and interest in the sport among the general public, leading to a negligible growth rate for the cricket market in Singapore.
Customer preferences: As the popularity of Cricket continues to grow in Singapore, there is a noticeable shift in consumer preferences towards inclusive and diverse experiences. With the rise of multi-culturalism and the inclusion of international players in local teams, there is a growing demand for authentic and diverse representation within the sport. This trend is reflected in the rising number of cricket leagues and tournaments, catering to diverse cultural communities and offering a platform for international players to showcase their skills. Additionally, there is a growing emphasis on promoting diversity in leadership roles and initiatives to encourage more diversity and inclusivity in the sport.
Trends in the market: In Singapore, the Cricket Market is currently experiencing a rise in popularity, with the sport being embraced by a growing number of fans and players. This is reflected in the increasing number of tournaments and leagues being organized, as well as the inclusion of cricket in school and university sports programs. Additionally, there is a growing trend of using digital technology in the sport, such as video analysis and live streaming of matches. This trend is expected to continue, providing opportunities for industry stakeholders to tap into the growing demand for cricket and digital sports experiences.
Local special circumstances: In Singapore, the Cricket Market holds a unique position within the Sports Market due to its colonial history and cultural diversity. With a large expat population and strong ties to India and other Commonwealth countries, cricket is heavily celebrated and supported in Singapore. Additionally, the city-states status as a global financial hub attracts international tournaments and investments into the local cricket market. Despite facing competition from other popular sports, the strong fan base and growing interest in the game make cricket a key player in the dynamic and competitive Sports market of Singapore.
Underlying macroeconomic factors:
The growth of the Cricket Market within the Sports Market is heavily influenced by macroeconomic factors such as national economic health, global economic trends, fiscal policies, and other relevant financial indicators. The health of the economy directly impacts consumer spending and investment in the Sports market, including the popularity and growth of cricket. A strong economy with low unemployment rates and high disposable income can lead to increased demand for cricket-related products and services. Additionally, countries that prioritize the development and investment in sports infrastructure and facilities, such as cricket stadiums and training centers, are likely to see a steady growth in the market. On the other hand, economic downturns or political instability can have a negative impact on the market, as people may prioritize basic needs over leisure activities. Global trends, such as the increasing popularity and commercialization of professional cricket leagues, also play a significant role in driving the growth of the market. Furthermore, fiscal policies, such as tax incentives and subsidies for sports businesses and players, can incentivize growth and investment in the market. Overall, a strong and stable economy, coupled with supportive government policies, can contribute significantly to the growth and success of the Cricket Market within the Sports 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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