The market for the organisation of sporting events - Portugal

A sporting event has certain distinguishing characteristics: it takes place in a specific location and has a time limit. Events can be distinguished according to various criteria, in terms of the content that can be identified, for example, sporting, recreational or cultural events. Sporting events are sporting competitions with ancient origins and today represent the major part of the events industry. Their success is mainly due to their ability to attract large numbers of spectators and considerable media coverage and, consequently, to generate an economic impact. The global sports market is characterised by rapid and cyclical growth, based on the organization of major media events . These represent real economic and sometimes even geopolitical challenges for the organizing countries. Hosting major sports events is an opportunity to present the country not only in sporting terms but also in terms of tourism, culture and the economy, with a greater contribution to job creation (especially temporary) and revenue collection in terms of turnover. Over the period 2017-2021, the market's compound annual growth rate (CAGR) is estimated at 3.58%, according to Technavio . Portugal is often regarded as a major tourist destination due to its privileged geography and relatively warm climate with little rainfall, which facilitates the practice of different types of sports. These conditions lead companies from all over the world to turn to this country for these types of events According to Tourism in Portugal the main one" force The "sector" of the sector is marine tourism, which includes different modalities within the category. Apart from water sports, other sports that are highly appreciated by foreigners and Portuguese are snow sports, cycling, mountaineering, golf and football. Sport, in general, represents 1.2% of the country's GDP . With a clear economic objective, this type of event is supported by general and local authorities. For example, IPAM estimates the impact of the Champions League final in Lisbon (at the Estádio da Luz) from 2014 at €46.3 million. The greatest difficulty in monitoring this on Portuguese soil is the issue of infrastructure such as quality hotels with sports facilities, i.e. lawns, swimming pools, among other facilities that still leave much to be desired. In spite of this, players who manage to overcome these difficulties manage to achieve good returns in this market.