Matchmaking - Latvia

Latvia

Highlights

Revenue in the Matchmaking market is projected to reach US$691.10k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.05%, resulting in a projected market volume of US$749.50k by 2028.
In the Matchmaking market, the number of users is expected to amount to 16.4k users by 2028.
User penetration will be 0.8% in 2024 and is expected to hit 0.9% by 2028.
The average revenue per user (ARPU) is expected to amount to US$45.19.
In global comparison, most revenue will be generated China (US$1.21bn in 2024).
With a projected rate of 3.8%, the user penetration in the Matchmaking market is highest South Korea.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Matchmaking market in Latvia has been experiencing steady growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in the Matchmaking market in Latvia have shifted towards online platforms and mobile applications, as people increasingly seek convenience and efficiency in finding potential partners. This trend is not unique to Latvia, but is part of a global shift towards digital matchmaking services. The availability of online platforms and mobile applications has made it easier for individuals to connect with others who share similar interests and values, leading to an increase in the number of people using these services. Trends in the market indicate a growing demand for niche matchmaking services in Latvia. While there are general matchmaking platforms available, there is also a rise in specialized platforms catering to specific interests or demographics. This trend can be attributed to the desire for more personalized and targeted matchmaking experiences. Niche platforms allow individuals to find partners who share specific hobbies, interests, or cultural backgrounds, increasing the likelihood of a successful match. Local special circumstances in Latvia also contribute to the development of the Matchmaking market. The country's small population and close-knit communities make it challenging for individuals to meet new people, especially in rural areas. Matchmaking services provide an opportunity for individuals to expand their social circles and meet potential partners who they may not have otherwise encountered. Additionally, the relatively high rate of single individuals in Latvia compared to other countries in the region creates a favorable market for matchmaking services. Underlying macroeconomic factors, such as the country's economic stability and increasing disposable income, also play a role in the development of the Matchmaking market in Latvia. As the economy improves and people have more disposable income, they are more willing to invest in matchmaking services to find a compatible partner. Furthermore, the increasing number of young professionals in the country who prioritize their careers over traditional dating methods contributes to the growth of the market. These individuals often turn to matchmaking services as a convenient and efficient way to find a partner amidst their busy schedules. In conclusion, the Matchmaking market in Latvia is developing due to changing customer preferences towards online platforms, the emergence of niche matchmaking services, local special circumstances, and underlying macroeconomic factors. These factors have created a favorable environment for the growth of the market, providing individuals with more options and opportunities to find compatible partners.

Data coverage:

The data encompasses B2C enterprises. Figures are based on Gross Merchandise Value (GMV) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. 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 and exponential trend smoothing. The main drivers are internet users, urban population, usage of key players, and attitudes toward online services.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.