In recent years, the Sports market in Latvia has seen a minimal growth rate, impacted by factors such as the shifting preferences of consumers towards other leisure activities, the slow development of sports infrastructure, and the limited budget for sports clubs. This trend is evident across various sub-markets including soccer, American football, basketball, baseball, and cricket, as the overall market struggles to keep pace with the changes in consumer behavior and limited resources.
Customer preferences: There has been a noticeable rise in the popularity of outdoor sports and activities in Latvia, with cycling, hiking, and water sports becoming increasingly favored by consumers. This trend can be attributed to the countrys beautiful natural landscapes and growing emphasis on promoting a healthy and active lifestyle. As a result, there has also been a surge in demand for sports equipment, gear, and apparel, particularly among the younger demographic. This shift towards a more health-conscious and active population presents opportunities for businesses in the Sports market to cater to this growing demand.
Trends in the market: In Latvia, there is a clear shift towards digitalization in the Sports market, with the emergence of online fitness programs and virtual training sessions. This trend is expected to continue, driven by the convenience and accessibility of virtual services. As the country continues to adopt a digital-first approach, the sports industry may witness a greater acceptance and integration of technology, such as wearable devices and virtual reality, in training and performance tracking. This presents opportunities for industry stakeholders, including sports organizations and technology providers, to capitalize on this growing trend and enhance the overall customer experience. Furthermore, the increasing demand for at-home workouts and virtual training sessions may result in the decline of traditional gym memberships and facilities, requiring gyms and fitness centers to adapt to this changing landscape in order to remain competitive.
Local special circumstances: In Latvia, the Sports Market is heavily influenced by the countrys strong affinity for traditional sports, such as ice hockey and basketball. The love for these sports has led to the development of world-class training facilities and a strong competitive spirit among athletes. Furthermore, the countrys geographic location in the Baltic region has created a unique market for winter sports, leading to opportunities for winter sports equipment manufacturers and retailers. Additionally, Latvias membership in the European Union has provided access to a larger audience and a more diverse market for international sports events.
Underlying macroeconomic factors: The Sports market in Latvia is greatly impacted by macroeconomic factors such as the countrys economic health and fiscal policies. With a small and open economy, Latvia is heavily influenced by global economic trends. The growth of the Sports market is closely tied to the overall economic performance of the country, as a strong economy leads to increased consumer spending on sports-related activities and products. Additionally, government policies, such as tax incentives and investments in sports infrastructure, can also have a significant impact on the market. Overall, a stable and favorable macroeconomic environment is essential for the sustained growth of the Sports market in Latvia.
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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