The Sports market in Zimbabwe has been gradually expanding, driven by factors such as growing interest in sports, increasing government support, and the convenience offered by online ticket booking and merchandise purchasing. However, the market is facing challenges due to economic instability, lack of modern infrastructure, and limited resources for development. These factors have resulted in a negligible growth rate for the market, as compared to other global markets.
Customer preferences: Increased urbanization and economic development have led to a rise in disposable incomes and leisure spending, resulting in a growing interest in sports and fitness activities. This has fueled demand for high-quality, well-equipped sports facilities and training programs, as well as sports apparel and equipment. With a younger population and a growing emphasis on health and wellness, there is also a shift towards more non-traditional sports and fitness activities, such as yoga and group classes, indicating a shift towards holistic well-being.
Trends in the market: In Zimbabwe, the Sports Market is experiencing a surge in online sports betting platforms. With the majority of the population having access to internet and smartphones, more and more people are turning to online sports betting as a source of entertainment and potential source of income. This trend is expected to continue, as the countrys economy improves and internet access becomes more widespread. This trend also opens up opportunities for industry stakeholders, such as sports teams and leagues, to partner with these platforms and reach a wider audience. It also brings about potential regulatory challenges and implications for consumer protection.
Local special circumstances: In Zimbabwe, the Sports Market is highly influenced by the geographical location and cultural preferences of the population. Due to the countrys landlocked position, outdoor sports such as soccer and cricket are more popular than water sports. Additionally, traditional forms of dance and music play a significant role in the cultural fabric, leading to the growth of sports events and tournaments centered around these activities. Furthermore, the countrys regulatory landscape encourages the development of community-based sports programs to promote greater social cohesion and inclusivity.
Underlying macroeconomic factors: The Sports Market in Zimbabwe is influenced by a range of macroeconomic factors, including the countrys overall economic health, fiscal policies, and global economic trends. In recent years, the economic stability and growth in Zimbabwe have had a positive impact on the Sports market, with increased consumer spending and investments in the sector. However, challenges such as inflation and currency fluctuations have also affected the market. Additionally, the governments policies and initiatives, such as tax incentives for sports-related businesses and investments in sporting infrastructure, have also played a significant role in shaping 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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