The Sports market in Croatia has seen slow growth due to factors such as limited funding and lack of international success. However, there is potential for growth as the country continues to invest in infrastructure and promote youth development in popular sports such as soccer and basketball. The growth rate is impacted by economic factors and the overall popularity of sports in the region.
Customer preferences: In recent years, there has been a notable increase in the incorporation of technology in the Sports market in Croatia. This trend is due to the growing popularity of fitness and health-focused lifestyles among consumers. The demand for wearable devices and health tracking apps has surged as individuals seek more convenient ways to monitor and improve their health. Additionally, the shift towards remote monitoring and management of chronic conditions has also led to an increase in the use of online doctor consultations. This trend is driven by the need for timely and convenient medical advice.
Trends in the market: In Croatia, the Sports market is experiencing a surge in e-sports, with more tournaments and events being organized and broadcasted online. Additionally, there has been a rise in the use of sports analytics, allowing teams to make data-driven decisions and enhance performance. These trends signify a shift towards digitalization in the sports industry, providing new opportunities for stakeholders to reach a global audience and improve player performance. However, this also poses challenges for traditional sports businesses and may require adaptation to remain competitive. For example, implementing technology-based training methods and incorporating e-sports elements into traditional sports events. This presents potential implications for industry stakeholders, such as the need for additional investments in digital infrastructure and the importance of constantly evolving to meet the demands of a digitally-savvy audience. Overall, these trends suggest that the digital aspect of the Sports market in Croatia will continue to grow and play a significant role in shaping the future of the industry.
Local special circumstances: In Croatia, the Sports Market is heavily impacted by the countrys rich sporting culture and history. The popularity of sports like football, basketball, and handball, combined with the governments focus on developing sports infrastructure, creates a favorable environment for the growth of the market. However, the geographical layout of the country, with its numerous islands and diverse landscape, poses logistical challenges for sporting events and distribution of sports equipment. Additionally, the countrys strict regulations on foreign investments and sponsorship deals can also affect the dynamics of the market.
Underlying macroeconomic factors: In Croatia, the Sports market is also affected by macroeconomic factors such as the overall economic growth of the country, government policies and investments, and consumer spending power. As the countrys economy continues to strengthen and stabilize, with a projected growth of 2.9% in 2021, the Sports market is expected to see a boost in demand and revenue. Additionally, the governments support and investments in sports infrastructure, facilities, and events also play a significant role in the markets growth. With a growing interest in sports and increasing disposable income among consumers, the Sports market in Croatia is expected to thrive 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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