Market Trends of Athleisure Industry
Increased Sports Participation and Flourishing Demand for Sports Apparel
- The increasing popularity of fitness activities, such as aerobics, running, weight training, and yoga, along with an increase in the number of women participating in fitness and sports-related activities and surging memberships in gym and health clubs, is driving the demand for athleisure products.
- Influenced by health and wellness trends, a growing number of consumers around the world have been engaging themselves in at-home and outdoor physical activities to improve health and well-being. This factor has propelled the demand for sports apparel, which is usually made from highly absorbent material and provides comfort.
- For instance, In April 2022, the Australian Government funded USD 4.4 million for Cricket Australia and the ICC Men's T20 World Cup 2022 local organizing committee to support the legacy objectives of the T20 World Cup and enrich Australian cricket's vision of being a sport for all. Similarly, as per the survey conducted in association with Japan Sports Agency in November 2021, in Japan, 15.1% of respondents in their twenties stated that they used fitness clubs.
- Moreover, celebrity endorsements, international sporting events, social media influence, and government initiatives and campaigns such as #FitIndia (by the Government of India) have been encouraging consumers to participate in fitness and sports activities, leading to more spending on athleisure products across the world.
- For instance, in March 2022, it was revealed that the Government of Australia has plans to invest AUD 10.7 million in major sporting events, such as the ICC T20 Men's World Cup 2022 and the FIFA Women's Football World Cup 2023, among other events, to drive increased community engagement, gender equality, and physical activity participation to maximize social, economic and sporting outcomes. Such factors, coupled with raising consumers' interest in sports participation, are expected to boost the market's growth during the forecast period.
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Asia-Pacific is the Fastest-growing Market
- The growing health awareness among the emerging middle class and the increasing sporting environment in countries such as China, India, Australia, and Japan are anticipated to boost the demand for athleisure products in the region during the forecast period. The athleisure market in Asia-Pacific has traditionally been dominated by major international brands such as Reebok, Adidas, Nike, Puma, and Lotto. The players in the market use various strategies like launching ad campaigns and using new technologies to innovate products to remain active in the market and increase their brand visibility and image.
- For example, in September 2021, Adidas Australia launched a ''4DFWD'' 3D printed running shoe. The 4DFWD shoe has been created using printing to create an e-midsole lattice structure that redirects vertical impact forces into horizontal forward motion. The shoes were made available through online and in offline Adidas stores across the country. Such strategic moves from major players, coupled with their aggressive promotional activities, are attracting consumers to consider athleisure wear while performing sports or fitness activities.
- Moreover, the combination of casual and athletic designs has led to a growing demand for sports apparel that can be worn casually. This 'athleisure' trend has led a growing number of consumers to seek out sports apparel, such as sneakers, yoga pants, joggers, track pants, tank tops, sports bras, and hoodies, for casual wear. Furthermore, increased consumer spending on fitness apparel as a fashion statement contributes to the appeal of sportswear in this region. Furthermore, many domestic brands such as Mizuno, Asics, HRX, and Sfida have also registered significant market penetration by constantly introducing different types of athletic wear, including clothing, footwear, and accessories, across e-commerce platforms. Such factors are expected to boost the market's growth during the forecast period.
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