With the Rio Olympics well under way, and proving an unparalleled success for Team GB, the Greater Manchester Chamber of Commerce are focussing on the export opportunities sport offers for UK companies.
380,000 tourists are expected to visit Rio during the games, increasing tourism and spending significantly. AT Kearney reported that the sports market is showing continued growth and estimates that the global market for sports revenue was $76.1 billion in 2013. If you include sporting goods, clothing, and health and fitness spending, the market is worth over $700 billion.
Sporting events can increase tourism, food, drink and sportswear sales. During London 2012 we saw a growth in all of these sectors. Euromonitor reports that sports events can also indirectly affect digital marketing.
Digital marketing agencies are currently working with companies who are not sponsoring Rio 2016 to create a presence at the games through social media. They also suggest that there is some correlation between takeaway sales and winning nations at sporting events. This was seen in China in 2008 and when Germany won the World Cup.
Department for International Trade estimates that global operational and infrastructure budgets for one-off sports events will be worth over £220bn up to 2022. The department also reports that China aims to spend $800bn by 2025 on football development. UK companies played a leading role in the delivery of the 2000 Sydney Olympics and 2014 FIFA World Cup.
From construction to catering and marketing, the Chamber points out there are many opportunities to grow your business. Current business opportunities for UK companies include:
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