Activewear Business - is it a good market?
THE SPORTSWEAR MARKET
We can see that the world is changing at a fast pace. People are getting more and more concerned about replacing bad eating habits for healthier ones, they are aware that they need to move their bodies in order to stay not only fit, but healthy.
The home office that was a pandemic need, now seems to be here to stay. Companies and employees take benefit from this working method, with less structure costs for the company and less commuting time spend for the employees, just to name two.
This movement directly impacts the clothing market. Working from home and looking for staying more active, the sportswear come as key wardrobe pieces. We can segment it in “athleisurewear”, “loungewear”, “activewear”, “gym wear” … so on. Regardless the name, they are all clothes made from comfortable and elastic fabrics that you can mostly wear to stay at home or throw a jacket and go out.
The global sportswear market size was estimated at USD 262.51 billion in 2019 and it was expected to reach USD 288.42 billion in 2020.
But even with the pandemic that caused supply chain disruptions and the expected decline in the global sales of clothing, footwear and accessories, the global sportswear market in 2020 amounted to approximately 353.5 billion USD
The global sportswear market is expected to grow at a compound annual growth rate of 10.4% from 2019 to 2025 to reach more than USD 429 billion by 2025
Fueling the growth of the activewear industry are fitness conscious consumers who seek appropriate gear and equipment for their physical activity. In addition to this, nearly 65 percent of consumers reported that they wear sportswear in their day-to-day lives. This is due to the rise of streetwear style, which encourages consumers to incorporate activewear into their personal style. In the United States, women’s sportswear products generate the majority of all sportswear revenue. Women‘s sportswear generated 39.43 billion U.S. dollars in 2020, more than men’s and children’s sportswear combined. This trend was forecasted to continue throughout the 2020s. (1)
As life gets back to normalcy after the worst pandemic scenario already left behind, fashion and sports trade shows resume their schedules fueling the audience and impacting the whole market.
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