As the UK continues to assess its post Brexit mood, a new annual survey of the triathlon industry has revealed the sport’s key stakeholders to be looking forward to 2017 with confidence in spite of an anticipated worsening of economic conditions.
The Triathlon Industry Association (TIA)’s inaugural research into industry sentiment was conducted in December 2016 and involved participation from 75 industry representatives across the UK. These key UK triathlon industry stakeholders gave their input into areas such as competition, pricing, customer demand and the overall state of the UK economy.
A key observation from the research was that any wider economic uncertainty has not yet affected the discretionary spending of triathletes. Industry respondents pointed to continued and robust demand for triathlon products and services.
Findings from this benchmark study into the mood of the UK triathlon industry were circulated to all TIA members that participated in the research. TIA’s industry research noted that:
Competition is evident in the marketplace; 56% point to either ‘significantly more’ or ‘slightly more competition’. Online competitive activity was seen to be most significant.
UK economic conditions over the next 12 months represent the most negative area in TIA’s 2016 industry confidence survey. The expectation for the economy is broadly negative. 56% feel that UK economic conditions will be worse in 12 months.
Even with high levels of competition, and increased economic uncertainty, 60% indicated that they are ‘very happy’ or ‘somewhat happy’ with current levels of customer demand.
“The UK multisport industry comes across as buoyant even though the market environment is challenging,” said TIA Chair, Mel Berry. “We are looking forward to commencing our major UK triathlete survey in January in order to compare the mood among consumers with that of the industry currently.”
Berry continued, “Over the years, we have seen that discretionary spending of triathletes appears robust even amidst tougher economic conditions.
“Yet, complacency is dangerous; and we strive to support the triathlon industry’s ability to adapt to an ever-changing environment. Whether this is making the sport more accessible, affordable or simply reflecting the needs of the athlete at the grassroots level, the industry must continue to build on a strong platform of innovation.
“We have seen double-digit, year-on-year value growth for triathlon in recent years, and our core purpose is to see this continue.”
The TIA comprises event organisers, equipment manufacturers, tour operators, retailers, distributors and media.