The Soccer market in Armenia has experienced slow growth due to various factors including limited media coverage, low demand for merchandise, and high cost of tickets. These factors have hindered the markets growth, resulting in a negligible growth rate. However, with increased awareness and convenience offered by digital technologies, the market is expected to grow in the future.
Customer preferences:
The popularity of social media among young adults in Armenia has led to a rise in influencer marketing in the Soccer Market within the Sports Market market. As a result, consumer preferences for team apparel and equipment are now heavily influenced by endorsements from popular athletes and teams. Additionally, the increasing prevalence of streaming and online platforms for watching soccer games has shifted consumer behavior towards watching matches from home, resulting in a decline in physical attendance at stadiums. These trends suggest a reliance on digital platforms and the influence of online personalities in driving consumer choices.
Trends in the market: In Armenia, the Soccer Market within the Sports Market is witnessing a rise in investments and sponsorships, with major international brands like Adidas and Nike entering the market. Additionally, there is a trend towards increasing popularity of womens soccer, with the establishment of new teams and leagues. These trends not only support the growth of the market, but also promote gender equality in sports. The significance of this trajectory is evident in the increased revenue and viewership, providing opportunities for stakeholders to tap into this potential market. However, there may be implications for local brands and teams as they face competition from international giants.
Local special circumstances: In Armenia, the Soccer Market is heavily influenced by the countrys rich cultural heritage and love for sports. This has resulted in a strong fan base and a thriving local league, despite its small size. Additionally, the countrys location between Europe and Asia makes it a potential hub for international tournaments and partnerships. However, political instability and economic challenges have hindered the growth of the market. This has led to a focus on grassroots development and the use of innovative technology, such as virtual fan engagement, to overcome these obstacles. Overall, the unique blend of history, geography, and socio-economic factors shape the dynamics of the Soccer Market in Armenia.
Underlying macroeconomic factors: The growth of the Soccer Market within the Sports Market in Armenia is influenced by macroeconomic factors such as consumer disposable income, government investments in the sports sector, and the countrys overall economic stability. As the economy continues to grow, consumers have more disposable income to spend on leisure activities such as soccer matches. Moreover, the government has increased investment in the sports industry, including building new stadiums and funding professional soccer teams. These factors contribute to a positive outlook for the Soccer Market within the Sports Market in Armenia.
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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