In Ivory Coast, the Sports Market is experiencing slow growth due to various factors such as low consumer interest in traditional sports like Soccer and preference for Western sports like American Football and Basketball. The lack of investment and promotion for other sports such as Baseball and Cricket also hinder the markets growth.
Customer preferences: With the rise of social media and the growing influence of influencers in Ivory Coast, consumer preferences in the Sports Market have shifted towards wellness and fitness. This has led to a surge in demand for personalized training programs and nutrition plans, as well as a growing interest in natural and organic sports supplements. Furthermore, there has been a noticeable increase in the use of virtual sports coaching and online group workout classes, driven by the need for convenient and accessible options for staying fit.
Trends in the market:
In Ivory Coast, the Sports Market is experiencing a shift towards digitalization and online platforms. With the rise of smartphone usage and internet accessibility, there has been a significant growth in e-commerce for sports equipment and merchandise. Additionally, there is a growing trend of using social media platforms for Sports marketing and advertising. This trend is expected to continue, making it crucial for industry stakeholders to embrace digital strategies to remain competitive. Another emerging trend is the focus on promoting local sports and athletes, leading to a rise in investments and sponsorships in the domestic market. These trends can have a positive impact on the economy and society, by boosting the local sports industry and creating opportunities for athletes.
Local special circumstances: In Ivory Coast, the Sports Market is heavily influenced by the countrys increasing urbanization and growing disposable income among its middle class. This has led to a demand for modern and convenient sports facilities, as well as a rise in the popularity of organized sports leagues and events. Additionally, the countrys love for football, its national sport, drives a large portion of the Sports Market. This is further bolstered by government initiatives to promote and invest in sports infrastructure, such as the construction of the new Abidjan Stadium, which will host the 2023 African Cup of Nations.
Underlying macroeconomic factors: The Sports Market in Ivory Coast is significantly impacted by macroeconomic factors such as the countrys overall economic performance, government fiscal policies, and global economic trends. In recent years, the country has experienced solid economic growth, with a stable and diversified economy driven by sectors such as agriculture, mining, and services. This has created a positive environment for the Sports market, with an increasing middle-class population and rising disposable income, leading to a growing demand for sports-related products and services. The governments policies to promote the development of the sports industry and attract foreign investment have further boosted the market. However, uncertainties in the global economy and fluctuations in commodity prices may pose potential risks to the Sports markets growth in Ivory Coast.
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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