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Trends in Leisure Activities Market Assessment 2007
Key Note Publications Ltd, May 2007, Pages: 236
Leisure time is becoming increasingly important to consumers — if only because people are living in a time-poor society in which high employment levels leave little time for genuine relaxation.
The industry for leisure services and goods is highly geared towards maximising revenue from these more affluent, working consumers.
Many young people have high levels of personal disposable income (PDI),
and falling birth rates also mean that the middle-aged have more money to dedicate to the leisure interests of fewer children. These two factors have had an impact on sales of toys and gadgets, in particular.
As well as the games market, this Market Assessment report reviews the sector for audio-visual, photographic and information-processing goods, which have thrived on account of strong consumer interest in the developing technology. The report examines the market for leisure services, including football, cinema, gardening and gambling. The company profile sections provide a close-up of developments in these sectors through analysis of the performance by such operators as Manchester United, Rank and Wyevale.
A trend across the review period — for a higher percentage of overall household expenditure to be dedicated towards leisure — is notable and ongoing. This has been underpinned by factors such as high employment levels, while the strength of the UK economy over the review period has supported consumer confidence to no small extent. In 2005, the boom period in terms of consumer spending came to an end, and an atmosphere of caution has now set in. This has affected some sectors of the leisure industry — for example, the audio-visual sector, in which consumers have deferred purchases of large-ticket items such as wide-screen television sets. However, sectors that are thriving include recreational, sporting and cultural services. Whereas the audio-visual sector has seen strong price deflation, some price rises have been notable across the services sector, but this has not dissuaded many consumers from participation in such events as cinema, theatre, football and other sports. The book market is still on a healthy
upward trend, with sales of such blockbusters as the Harry Potter series significantly driving up volumes. UK consumers are also inclined to eat out;
in fact, the biggest sector in the leisure industry (as analysed in this report) is the restaurants sector.
Other sectors have been hit by shifts in technology use. The capacity for consumers to access information and entertainment via an increasing variety of channels is slowing growth in sectors such as newspapers and magazines. In terms of technology, increasing penetration of broadband Internet access across UK households, as well as more sophisticated mobile capability, is determining the way many media companies are now planning their future strategies. Many are keen to exploit the growing use of electronic media.
The outlook for future growth in the leisure sector is still one in which a growing percentage of household expenditure will be dedicated to leisure. There is much stimulation, in the form of technological advancements,
to entice consumers to trade up in terms of personal electronics and games. Leisure spending in other areas — such as football, cinema, restaurants and outings — is also likely to remain priority.
This report also looks at consumer involvement in a number of leisure activities through analysis of Target Group Index (TGI) survey data, produced by BMRB International. The most popular leisure activities analysed included eating out in restaurants, visiting garden centres, and buying compact discs (CDs) and digital versatile discs (DVDs). With regard to sport, the most popular activity was walking or rambling. There are also a plethora of other sports that involve consumers, including more adventurous activities such as windsurfing and sailing. The leisure industry has been affected to some extent by the growth in cheap travel. More consumers are undertaking foreign adventure-style holidays, which can encourage them to invest in equipment, or further participation, at home. Restaurants are also gearing up towards more sophisticated provision, as the demand for more exotic cuisines — inspired through travel — becomes more apparent.
Many of the UK's major leisure companies continue to perform extremely strongly. Manchester United, the UK's leading football club, looks set for a strong future with the imminent expansion of broadcasting rights.
Media operators such as British Sky Broadcasting (BSkyB) are also consolidating a very robust position within the leisure industry.
Other companies are currently feeling the pressure of increased competition. The supermarkets' aggressive performance in terms of marketing leisure goods has recently had an impact on the sales of both HMV and WH Smith, among the leading high-street retailers for music and entertainment goods. Another major retail player, DSG International PLC, has also responded
to competition by converting its Dixons high-street operation into an online business.
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