The Sports market in Lithuania is experiencing minimal growth due to factors such as fluctuating interest in sub-markets, limited infrastructure, and lack of investment. Soccer, American football, basketball, baseball, and cricket are not seeing significant growth, while rising health awareness and online services may provide opportunities for growth in the long term.
Customer preferences: There has been a noticeable increase in the popularity of niche and alternative sports in Lithuania, catering to specialized interests and passions of consumers. This trend is largely driven by younger demographics who prioritize unique and individual experiences over mass appeal. As a result, there has been a rise in the demand for customized sports equipment and personalized training programs, reflecting a growing desire for individualization and personalization in the Sports market.
Trends in the market: In Lithuania, the Sports market is experiencing a rise in e-sports, with an increasing number of tournaments, investments, and sponsorships. This trend is driven by the younger generations growing interest and consumption of online gaming content. Additionally, there is a rising demand for virtual fitness classes and workouts, especially in the current COVID-19 situation. As a result, sports brands and organizations are exploring new avenues for reaching and engaging with their audience through digital platforms. This trend is expected to continue and could have significant implications for traditional Sports markets, such as declining viewership and revenue shifts. It also presents opportunities for industry stakeholders to diversify their offerings and tap into the digital Sports market.
Local special circumstances: In Lithuania, the Sports Market is heavily influenced by the countrys strong tradition in basketball. This has led to a high level of interest and participation in the sport, with a large number of basketball clubs and events held throughout the country. Additionally, Lithuania has a relatively small population, which has created a close-knit community among sports enthusiasts. This sense of community has also driven the demand for local and grassroots sports events, creating opportunities for smaller businesses to cater to these niche markets. Furthermore, Lithuanias membership in the European Union has allowed for an increasing number of international sports events to be hosted in the country, boosting the overall Sports market and providing opportunities for growth in the sports tourism sector.
Underlying macroeconomic factors: The Sports Market market in Lithuania is heavily influenced by macroeconomic factors including the overall economic climate in the country, global economic trends, and government fiscal policies. The current economic downturn caused by the COVID-19 pandemic has had a significant impact on the sports industry, resulting in reduced consumer spending and a decrease in sporting events and activities. The governments response to this economic crisis, such as providing financial support to businesses and individuals, has also played a role in the market performance. Furthermore, investments in infrastructure and technology, as well as regulatory support for the sports industry, can greatly impact the growth and success of the market in Lithuania. The countrys strong commitment to promoting and developing the sports sector, along with favorable economic conditions, creates a positive outlook for the future of the Sports Market market in Lithuania.
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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