The Sports market in Montenegro has seen minimal growth due to various factors, such as low popularity and limited resources for advertising. Despite this, soccer remains a dominant sub-market with its loyal fan base and the convenience of online streaming services. American Football and basketball have struggled to gain momentum due to lack of infrastructure and government funding. However, the rising interest in baseball and cricket among the younger population shows potential for future growth in these sub-markets.
Customer preferences:
With Montenegros rising interest in sports and physical activity, there has been a growing demand for fitness and wellness services. This trend is fueled by the younger generations focus on holistic well-being and their willingness to invest in fitness experiences. Accordingly, there has been an increase in the popularity of boutique gyms, personalized workout programs, and health-focused nutrition plans. Additionally, the use of technology to track fitness progress and receive professional advice remotely has become more prevalent, catering to the modern consumers need for convenience and accessibility.
Trends in the market: In Montenegro, the Sports Market is experiencing an increase in demand for sports betting, particularly in online platforms. This trend has been driven by the growing popularity of sports among Montenegrin youth, as well as the advancements in technology and internet accessibility. As a result, stakeholders in the industry, such as sports betting companies and online gaming platforms, are investing in digital marketing and expanding their online presence. This trajectory is expected to continue, with potential implications for the traditional Sports market and the governments regulation of online gambling activities. Additionally, there is a rising interest in offering esports betting, which could potentially diversify and expand the Sports market in Montenegro.
Local special circumstances: In Montenegro, the Sports Market has been seeing a surge in popularity due to the countrys picturesque landscapes and rich sporting culture. The scenic backdrop of mountains and lakes offers a unique experience for both athletes and spectators. Additionally, government programs and investments in sports infrastructure have made it an attractive destination for international sporting events. This combination of natural beauty and support for sports has contributed to the continued growth and success of the Sports Market in Montenegro.
Underlying macroeconomic factors: The Sports Market in Montenegro is heavily influenced by macroeconomic factors such as overall economic stability, consumer spending power, and government policies on sports development and investments. Montenegro has a relatively small and open economy, with tourism, agriculture, and energy sectors driving economic growth. The countrys membership in the European Union and use of the euro as its official currency also have a significant impact on its economic health. Government initiatives to promote and support the growth of the sports sector, along with increasing interest and participation in sports among the population, contribute to the overall performance of the market.
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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