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National economic concerns
But Darlington’s confidence is not felt over the entire sport. Other areas where races are held, and the sport as a whole, are beginning to feel the pinch. And what a pinch it is: while NASCAR data shows that sponsorships for each team typically bring in about $15 million to $18 million per year, the total impact industry wide may be difficult to measure.
NASCAR chairman Brian France, grandson of the founder, raised concerns about the current economic downturn, especially for a sport driven by sponsorships.
“We’re not immune to any downturn in the economy,” he said. “As a matter of fact, we may be more at risk than most in that our fans drive further and stay longer. We’re in the mega-event business, not just a season ticket-holder. So it is costly for our fans to get to the speedway.”
And not getting to the speedway means souvenirs will go unsold, rooms will remain empty and restaurants will have fewer patrons.
Changing demographics, changing perceptions
Besides the direct impact of sponsorships, the retail impact is felt near and far as well — and much more deeply than previously thought when the sport was referred to as populated by “rednecks.”
That image has been challenged by a study done by Scarborough Sports Marketing, which follows the demographics, shopping behaviors and media habits of fans. The study found that “NASCAR fans are top spenders in big-ticket retail categories, avid tech consumers and influencers when it comes to making business purchasing decisions.”
The big-ticket items include automotive, jewelry and personal technology.
The study also noted that NASCAR fans are 13% more likely than the national average to be small business owners. Almost half of them, 43%, read the business section of the newspaper, which is 7% more than the average national readership.
In addition, San Francisco, Atlanta and Charlotte top the local markets for NASCAR fans with annual household incomes of $100,000 or more.
The study holds out hope for the sport, figuring that such a well-heeled following might drive NASCAR through the worst of a recession.
“NASCAR fans are valuable consumers who spend more money and make more frequent shopping trips across many different product categories,” said Brian Moyer, director of market and media research for NASCAR. “U.S. and global brands are utilizing NASCAR as a business building asset. That helps fuel interest in NASCAR even more.”
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