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The Sports market in Georgia is facing a negligible growth rate, influenced by factors such as declining popularity of traditional sports, increasing preference for digital streaming of games, and lack of investment in infrastructure development. Despite the availability of various sub-markets like Soccer, American Football, Basketball, Baseball, and Cricket, the overall market is facing challenges due to limited national success and low awareness among consumers. The sports industry in Georgia could potentially see growth if there is a focus on modernization and increased engagement with digital technologies.
Customer preferences: Sports fans in Georgia have been diversifying their interests beyond traditional sports like football and basketball, with a growing interest in international and niche sports. For example, the popularity of esports and ultimate frisbee has increased in recent years, catering to a younger and more tech-savvy demographic. This shift is also reflected in consumer preferences for sports-related content and merchandise, with a rise in demand for online streaming services and personalized fan merchandise. Furthermore, the increasing focus on health and wellness has led to a rise in the popularity of outdoor activities, such as hiking and cycling, creating new opportunities for businesses in the Sports market.
Trends in the market: In Georgia, the Sports Market industry is seeing a shift towards virtual and online experiences. With the rise of e-commerce and streaming platforms, sports fans are increasingly consuming content and making purchases digitally. This trend is expected to continue upwards as technology advances and consumer behaviors adapt. For industry stakeholders, this means a greater focus on creating and optimizing digital platforms and offerings. It also presents opportunities for expanding reach and diversifying revenue streams through partnerships with online retailers and streaming services. However, it also poses challenges for traditional physical retailers and event organizers, who may need to rethink their strategies to stay competitive in the evolving market.
Local special circumstances:
In Georgia, the Sports Market has seen significant growth with the rise of live streaming and virtual sports content. The countrys strategic location at the crossroads of Europe and Asia has helped it become a prime host for international sporting events, further boosting the market. Additionally, the strong sporting culture and government support for sports tourism have also contributed to the thriving Sports Market in Georgia. The market is also influenced by the countrys regulatory environment, with tax incentives and favorable policies for sports businesses and investments.
Underlying macroeconomic factors: The Sports Market in Georgia is heavily influenced by macroeconomic factors such as consumer spending, GDP growth, and government policies. As a developing economy, Georgia has experienced steady GDP growth in recent years, leading to an increase in disposable income and consumer spending on sports-related activities. The government has also implemented policies to promote the growth of the sports industry, including tax incentives for sports events and investments in sports infrastructure. However, the market is also affected by global economic trends, such as fluctuations in commodity prices and currency exchange rates, which can impact consumer confidence and spending. Furthermore, any changes in fiscal policies, such as tax rates or trade agreements, can also impact the performance of the Sports market in Georgia. Overall, the macroeconomic factors in Georgia play a significant role in shaping the Sports market and its growth potential.
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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)