Business Opportunities in the Leisure Goods and Activities Industry

The leisure goods and activities industry has been on its boom ever since the technology improved. Leisure goods and activities include sporting arenas, amusement parks, theatres, hotels, tourism industry, venues for musical groups or lectures and gaming places. One can also add spas, gyms or the places where the sporting activities can be held such as golf clubs or boating to the industry. Even in the leisure industry, there are two types of recreation: firstly, when an individual participates in physical activity such as playing football, cricket, hockey, tennis, squash, playing some music through piano, flute, etc., doing some sort of gardening or acting. The other type of recreation is where the individual is not physically involved. Rather, it is the mental activity such as watching television, playing games on the computer, listening to music, attending concerts, or going to a restaurant. The first type of recreation is very rewarding and motivating. On the other hand, the latter makes people feel good and relaxed. For example, the UK boating industry acts as an area of strength for the UK manufacturing sector. The leisure boating sector is becoming around £2 billion turnover industry. The industry which makes the greatest turnover and also generates job opportunities is the strength of a country. The growth of this industry has also increased tourism activity in the UK. Tourism activity is interrelated with other businesses, government and also the local residents. The tourism industry attracts a lot of labor and generates high income. Therefore, spending in the tourism industry benefits the economy on the whole. It also buys goods and services from other businesses and pays out salaries to the employees. This further buying of goods and services is known as secondary sales and creates a secondary economic effect. It creates additional income and job opportunities in those sectors which provide to the tourism industry. The tourism industry would generate business for the beverage industry, the snack industry, the construction industry, and the government also. In the UK, the imports of sporting goods, musical instruments and toys were £6.6 billion in 2005 whereas the exports were £803 million.
Sports goods form a large proportion of the leisure goods industry. Sports are a major part of the entertainment culture. It is not linked to one industry, rather, a range of different industries are involved. Throughout the world, sports form a major part of the sales and purchases of a country. Taking an example of New Zealand, the gross output of the sports sector increased by 2.5% per annum from 1996 to 1999, and it became the largest contributor to the sports clothing manufacturer. Real value added was up by 0.4% p.a. of the physical leisure industry. Nominal household expenditure increased by 16.6% p.a. over the period of 1996-1999 in the coaching services and clubs sector (Goodchild et al. 2000). There is an increasing trend in leisure and entertainment as technology has improved.
Even though the leisure goods industry has been increasing but in 2011, the toy industry of the U.S. market has declined. The major manufacturers of the toys are the Chinese industry where inflation has hit very strongly. This inflation has caused the cost to rise very rapidly in the American market which they cannot pass on to the consumer.