At the start of the coronavirus pandemic in March 2020, consumers and businesses could not have foreseen the lasting impact it would have on nearly every Cambodia Phone Number List global industry. From the meteoric growth of e-commerce to the supply chain crisis making it difficult to ship materials and products, the effects have ranged from negative to positive for different industries. For the sporting goods and athleisure sector, the past two years have brought unprecedented sales growth. In this article, we’ll dive into the latest e-commerce statistics and data for this industry, the impacts of the COVID-19 pandemic and supply chain issues, and the trends and strategies that sports brands should know to beat the competition in 2022.
The global sportswear market grew 3.7% last year to $380.14 billion. This year, it is expected to be worth $439.2 billion. Specifically, the global sportswear market is expecte to grow by 2% in 2022 to reach $195.8 billion. The growth of sportswear and sports recreation is very US-centric. The US sportswear and swimwear market will continue to experience. Tremendous growth over the next few years, and is expected to approach $96 billion by 2025. Womenswear is the biggest driver of sportswear and swimwear sales in the United States, and is expected to account for 54% of total sales this year, compared to 29% for men and 17% for children.
Trends and Strategies
For physical brands, an odd dynamic emerged during the pandemic as the popularity of outdoor. Sports began to skyrocket, but consumers were hesitant to go to stores to purchase sporting goods. Everyone was playing and the demand was there, but it was difficult for brands. To get retail space as stores were limiting orders due to in-store shopping restrictions. This created more competition for paid search advertising as retailers focused more on driving sales digitally. This has forced independent brands to look for opportunities to earn elsewhere, such as influencer marketing – which around 33% of sporting goods brands are focusing on in 2022 according to data from the ROI Revolution survey. Influencer marketing will be a major trend for sporting goods and athleisure brands in 2022.