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The Great Recession, induced by the financial crisis, which lasted from 2007 to 2009, had a substantial influence on the sports industry and resulted in various negative consequences. It is possible to notice that the situation reduces the attendance of games, which had previously been a significant part of clubs’ income. Fans reassessed their spending patterns, which severely influenced the sports industry, especially lower-division teams (Buraimo et al., 2020).
The consequence is the growth in the unemployment rate, as clubs were not able to sustain the same level of expenses. The study conducted by Buraimo et al., 2020, shows that the Great Recession resulted in the regression of games attendance amounted to 7.9 percent that can be explained by growth in the unemployment rates in areas of clubs’ locating, which amounted to 9 percent (Buraimo et al., 2020). This evidence reveals the deteriorating of Sport Industry Economics caused by the Great Recession.
The influence of the Great Recession on distinct sports sectors is different. The private sector experienced financial losses, partially connected to the expenses, particular sports require from clubs. For instance, the golf clubs’ participation rate was decreased from 12% to 8.5% of the population, and in 2008, 106 golf courses were closed (Humphreys, 2010). Individual pursuits and gym memberships also decreased during the 2008 recession period (Humphreys, 2010).
In their turn, public and voluntary sectors were less vulnerable to the Great Recession. Sports league adult and children memberships rose during the period, as the costs of team sports are less than individual ones (Humphreys, 2010). Therefore, swimming can be considered a recession-proof sport, while the participation in local leagues only increased, and the public sports areas became more popular (Humphreys, 2010). It is possible to conclude that expensive sports in the private sector experienced significant losses, while public and voluntary sectors were not influenced or even showed the growth in the participation rate.
References
Buraimo, B., Migali, G., & Simmons, R. (2020). Impacts of the Great Recession on Sport: Evidence From English Football League Attendance Demand. University of Liverpool.
Humphreys, B. (2010). The Impact of the Global Financial Crisis on Sport in North America. In S. Butenko, J. G. Lafuente & P. Pardalos (Eds.), Optimal Strategies in Sports Economics and Management (pp. 39–57). Springer.
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