In-person sports events are a widely relevant industry. 59% of consumers have attended a sporting event in the past 12 months, and another 9% went a year or two ago. That means there are roughly twice as many people who have been to an event in the past two years than those who haven’t. That breadth means there are many types of fans and occasions at those events with varying needs and expectations. It also means brand sponsors can connect with a large cross-section of consumers.
Industry trends will likely impact the trajectory of this market. Despite a solid economy, consumers are concerned about the rising cost of attending sporting events – especially to top-tier leagues like the NFL and NBA. Teams using their venues as a source of revenue growth will inevitably price some fans out. While that strategy can still drive the bottom line, it will affect the makeup of those crowds in the future.
The threat stemming from that shift is that fans stop going to games and make teams overly dependent on affluent consumers and corporate partners. In contrast, the opportunity is that fans may look for more affordable options (like minor leagues and women’s sports), and then those stakeholders – as well as their brand partners – can benefit from fans opting out of expensive top-tier events.
Most Americans are sports fans, and over half have been to an event recently – giving brands the opportunity to connect with a wide range of consumers in one place.
Scott Stewart, Associate Director, Lifestyles & Retail
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