Market Trends of Recreation Services Industry
This section covers the major market trends shaping the Recreation Services Market according to our research experts:
Shift in Individual Preference Toward Well-being
- The growth of recreational services is motivated by factors such as a surge in the middle-class population, a shift in consumer preference toward better health, and an increase in obesity. Apart from that, government assistance for health and fitness and the availability of various equipment and personalized fitness training programs at fitness and recreation sports centers have strengthened the market growth.
- Consumers are measuring wellness through a much broader and more sophisticated lens that includes exercise, diet, general physical and mental health, and looks. Additionally, people have a more comprehensive range of options for the services they can use, which creates an opportunity for the market.
- The market is expected to grow overall due to increased fitness awareness amongst the young population. The recreational sports centers include gymnasiums, handball sports, yoga, aerobic dance, racquet sports, skating, and swimming, helping people attain their fitness goals and manage their health concerns.
- People are prioritizing the value of recreation to increase their productivity at work. They visit amusement parks to experience exciting rides, museums, fun-based activities, accommodation facilities, and innovative architecture. This increases the number of visitors to the amusement parks, boosting the market growth.
- The increase in urban-based population and international tourism is also helping the market growth. For instance, in November last year, Real Madrid of Spain, the Spanish football club, unveiled a deal to create a theme park in collaboration with Dubai Parks and Resorts. The park would open in the fourth quarter of the current year.
North America Contributing the Highest Market Share
- North American countries such as the United States and Canada have a large portion of the population residing in urban areas. The population's rising disposable income is expected to stimulate this market. The US and Canada are experiencing remarkable growth in tourism, travel, and sightseeing. These factors encourage regional market expansion, making them home to many leisure centers worldwide.
- According to the Bureau of Economic Analysis, in November last year, US personal consumption spending on recreation services was valued at USD 617.88 billion, up from USD 610.31 billion the previous quarter and USD 551.85 billion the previous year. The change from the last quarter was 1.24%, and the difference from a year ago was 11.97%, showing a significant growth opportunity for the market in North America.
- Recreational activities are a crucial component of American culture and lifestyle. Many industry subsectors, including swimming, canoeing, kayaking, hiking, and mountain biking, have been popular in the region. According to the Bureau of Labor Statistics, over 95% of American adults participated in sports and leisure activities. The daily lives of young children and teenagers in America are also significantly influenced by sports and physical education, which drives the market in North America.
- Sports clubs are acquiring and constructing recreation facilities with multiple gaming options. For instance, in November last year, Dallas Stars acquired a youth sports complex with plans to construct its multi-sport complex. The Dallas Stars purchased the MAC, a 38,000-square-foot building in Lewisville, as part of its new multi-sport facilities management plan. The group also intends to build a 90,000-square-foot multi-sport complex.
- Canada is known for its outdoor lifestyles and sports. Many amusement park companies are extending their services in the country to attract more customers. For instance, Canada's Wonderland is a 300-acre amusement park with more than 200 attractions, including roller coasters. It is also the location of Splash Works, a 20-acre water park. In the current year, Canada's Wonderland will add a sizable 360-degree spinning swing ride, the only one of its kind in the world, and an adrenaline launch roller coaster for kids and families in Planet Snoopy, luring guests to buckle on for even more thrilling adventures.