The Sports market in Slovakia is experiencing moderate growth, driven by increasing adoption of digital technologies and rising awareness of health among consumers. Online services offer convenient ways to engage in various sub-markets, but overall growth is being impacted by a minimal growth rate and various factors such as competition, access to resources, and cultural preferences towards certain sub-markets.
Customer preferences: The Sports Market in Slovakia has seen a rise in demand for local, organic, and sustainably-sourced products, as consumers become increasingly aware of the environmental impact of traditional manufacturing processes. This trend towards conscious consumerism is also reflected in the sports industry, where there has been a growing interest in eco-friendly and ethical sports gear and equipment. This shift is mainly driven by the values and lifestyle choices of the younger demographic, who are more socially and environmentally conscious.
Trends in the market: In Slovakia, the Sports market is experiencing a surge in demand for e-sports. With the rise of technology and online gaming, more and more young people are turning to e-sports as their preferred form of entertainment. This trend is expected to continue upwards as it has already gained significant traction in neighboring countries like Poland and the Czech Republic. This shift towards e-sports has significant implications for traditional sports industries, as they may need to reassess their approach to attract and retain the younger generation. Moreover, there is potential for growth in the market for e-sports infrastructure, coaching and sponsorships.
Local special circumstances: In Slovakia, the Sports Market is heavily influenced by the countrys love for hockey and its traditional involvement in winter sports. This has led to a strong demand for sports equipment and apparel, as well as a thriving market for amateur and professional sports leagues. Additionally, the governments support for promoting sports and physical activity has further fueled the growth of the market. However, due to the relatively small size of the country and its population, the Sports Market in Slovakia has limited potential for growth compared to larger markets. Furthermore, the high taxes and regulations on foreign sports investments can also pose challenges for international companies looking to enter the market.
Underlying macroeconomic factors: The performance of the Sports Market in Slovakia is affected by various macroeconomic factors. The countrys economic stability, government policies, and investment in infrastructure play a crucial role in shaping the market. Global economic trends, such as increasing disposable income and changing consumer spending habits, also impact the demand for sports products and services. Furthermore, the growing interest in health and fitness and the rise of e-commerce have influenced the markets dynamics. This trend is expected to continue as Slovakias economy grows and more people adopt a healthier lifestyle.
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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