Recreation industry also referred to as “leisure and recreation”. The recreation industry provides experiences for the aim of enjoyment, relaxation, and even health. The recreation industry includes a good sort of businesses and activities for refreshing. Some of key examples of businesses which defines the recreation industry includes sports stadiums, theatrical companies, sports teams & leagues, gaming & fishing preserves, amusement parks, painting & craft classes, movie theatres, recreational goods rentals, music venues, arcades & activity centers, travel agencies, dance companies, golf courses and paintball, batting cages, and laser tag arenas.
The recreation market comprise of utilization of the recreational facilities, and recreational services and related goods and services over different entities providing the recreational services and other related goods. The recreational activities further includes the participating in the sporting activities and visiting museums, historical sites, zoos and parks and also viewing spectator sports and events.
According to study, “Recreation Global Market Report 2019” the key companies operating in the global recreation market are The Walt Disney Company, Universal Studios, Las Vegas Sands, Merlin Entertainment Group, MGM Resorts. Companies in recreation industry sell a myriad of offerings, starting from small toys to motorcycles to exotic cruises. Recreation Industry revenue is very hooked in to the introduction of latest, interesting products and services. Competition is sort of intense for the foremost part, particularly when economic times are less promising, so companies must lure potential customers with flashy new items.
Based on type, recreation market is segmented into arts, amusements, sports, and others. Arts segment includes independent artists & performing art companies, museums, historical sites, zoos, & parks and sports & arts promoters. Amusement includes gambling and amusement parks. Additionally, sports include participatory sports and spectator sports. The spectator type of sports consists of teams or the clubs that are independent of athletes which present sporting events before a paying audience. In addition, based on age group of gender, market is segmented into 35 & younger, 35 to 54 and 55 & older.
The recreation market is driven by rise in shift in consumer preference toward wellbeing, followed by growth in middle class population, increase in availability of variety of equipment & personalized fitness training programs, surge in business innovations and acquisitions & expansions, rise in government support for health & fitness and increase in obesity problems. However, high membership price, busy work schedules and high investment cost for opening fitness & recreational sports centers may impact the market. Moreover, growth in youth population in developing countries is a key opportunity for market.
Based on geography, the North-American region dominates the recreation market owing to rise in awareness about the benefits of fitness in the region. Whereas, the Asian-Pacific and European regions are estimated to exhibit substantial growth rate due to increase in disposable income of consumers over the forecast period. In near future, it is expected that future of the market will be optimistic as a result of rise in prevalence of osteoporosis & lowering of bone density have prompted individuals to focus on health and fitness during the forecast period.
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Ankur Gupta, Head Marketing & Communications