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Sports & Fitness Clothing - Global Market Trajectory & Analytics

  • ID: 338345
  • Report
  • January 2021
  • Region: Global
  • 649 Pages
  • Global Industry Analysts, Inc
Disrupted Socialization Opportunities Threaten to Create an Existential Crisis for the Fashion Industry. Sports & Fitness Clothing Slumps by -8.5%.

The global market for sports and fitness clothing is expected to plummet by -8.5% in the year 2020 and thereafter recover and grow to reach US$ 231.9 billion by the year 2027, trailing a post COVID-19 CAGR of 4.4% over the analysis period 2020 through 2027. With social distancing seen as the only available and effective way to slow the spread of the disease until a vaccine arrives, all sporting events have been cancelled in 1st and 2nd quarters 2020 all over the globe. Annual competitions have been suspended, and major sporting events postponed or cancelled ranging from football, cricket, fencing, hockey, Formula 1 racing, cycling, sailing to skiing. The Tokyo 2020 Olympics has been postponed to July 2021. Few of the other major sporting events cancelled include MLB baseball which was scheduled in March 2020; Nippon Professional Baseball in Japan; KBO League in South Korea; NBA Basketball; South Korean Basketball League; Serie A in Italy; NBL in Australia; EuroLeague: Milan vs. Real Madrid; European Rugby Championship; Super Rugby; Asian skateboarding street championship; Alpine Skiing World Cup; Ski Cross World Cup; Snowboard World Cup; among numerous others. As a result the sporting industry is faced with immense financial challenges impacting event organizers, sponsors, broadcasting companies and participants alike.

With all sporting events likely to remain muted until 2021, demand for sporting goods such as sports apparel, gloves, and equipment has and will remain impacted. Even as governments around the world begin to cautiously loosen restrictions and reopen the economy, all public places such as gyms, cinema halls, large retail shopping malls, schools, colleges, pubs, bars remain strictly closed. The scenario spells financial ruin for most gyms and fitness centers. Faced with abrupt and complete loss of revenues several gyms are struggling to survive. Mirroring the tough economic and business climate, 24 Hour Fitness Worldwide Inc. based in the United States in the month of June 2020 filed for bankruptcy saddled with a US$ 1.4 billion debt load. Although few of the gyms are reopening, customer footfall is expected to be low and will bring no meaningful relief for companies. In the United States, over 48 to 58 out of 100 regular gym goers are expected to refrain from going to gyms until the end of the year. Gym memberships are expected to decline sharply in the coming years. Even among the existing customer base, rising unemployment rates, eroding household wealth, and shrinking disposable incomes will push customers to choose budget-friendly fitness options. The ruins of the global economy are made up of failed, collapsing, choking, struggling and decimated industries & businesses and among the vanquished is the apparel industry. Lockdowns, shelter-in-place, work from home, voluntary renunciation of social life, unemployment and loss of household income have together dealt an unprecedented blow, bringing the industry to its knees. Concern over future financial insecurity is limiting the consumer purchases only to the essential items such as groceries and other basic necessities. As businesses struggle to keep afloat, job cuts and bankruptcies are already sending millions into unemployment. Extreme poverty is expected to rise sharply in 2020 and 2021. Over 1.5% of the world population by the year 2021 will fall into poverty highlighting the massive humanitarian crisis triggered by the pandemic. The severe economic contractions seen in almost every country worldwide will mean that over 155 million people will be living in poverty by the year 2021.

The year 2020 alone is expected to see 90 million people enter the extreme poverty, which is defined as households living on less than US$ 1.90 a day. Middle-income countries will be worst affected and will see significant numbers of people slipping below the extreme poverty line. Additionally, the growing base of middle class population which has been responsible for the growth of consumerism and discretionary income related industries like apparel and textiles, is now under threat. The pandemic is expected to shrink the middle class population. The unprecedented challenges to both the lower and middle class population is come down hard on the sports and fitness clothing market. In short, high levels of unemployment and erosion of discretionary income will severely impact consumer spending on non-essential goods. Decisions to purchase new clothes, appliances, and cars will be first to be put on the back burner. Unemployment rates are climbing to worrisome levels in both developed and developing economies alike. In the United States, the worst hit by the pandemic, the devastation wreaked on the country's economy can be put into perspective by the fact that unemployment rates peaked in the country in June 2020 to 30.8 million. With the labor market in doldrums, consumer spending is plummeting. The economic anxiety among consumers has and continues to rise. Consumers have shifted to online and are spending much lesser than before the pandemic. Social outlook against this background remains grim with households expected witness erosion in wealth. Personal financial outlook, community, economy, job security confidence, and purchasing and investment confidence are all tumbling as the human and economic cost of the global pandemic rises. The loss in consumer confidence and erosion of household wealth and discretionary spending will impact virtually every industry and business worldwide and clothing and textiles will be no exception. A non-essential and discretionary product, sports & fitness clothing is expected to fall the steepest among all other apparel segments for the year 2020.

Select Competitors (Total 322 Featured):
  • Adidas AG
  • Reebok International Limited
  • Anta Sports Products Limited
  • ASICS Corporation
  • Columbia Sportswear Company
  • Elite Sportswear, LP.
  • Fila
  • Gap, Inc.
  • Hanesbrands Inc.
  • Hosa International Ltd.
  • Kappa
  • Li Ning Company Limited
  • lululemon athletica
  • Mizuno USA, Inc.
  • NIKE, Inc.
  • Patagonia, Inc.
  • Peak Sport Products Co., Ltd.
  • prAna
  • Puma SE
  • TerraFrog Clothing Corporation
  • Under Armour, Inc.
  • VF Corporation
Note: Product cover images may vary from those shown
I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
  • How the COVID-19 Pandemic Destroyed the Global Economy
  • EXHIBIT 1: COVID-19 Leaves the World in Shambles & Industries and Markets Upended: World Economic Growth Projections (Real GDP, Annual % Change) for 2019, 2020 & 2021
  • Social Distancing, Bans on Tourism, Rising Unemployment & 'Decimated' Consumer Confidence Together Bring Down the Sports & Textile Industries
  • Sports Industry Reels Under the Impact of Social Distancing Measures as the New Way of Life
  • EXHIBIT 2: The Worst Affected by the Pandemic, the Struggling Sports Industry Destroys All Hopes for Normalcy for All in the Value Chain: Global Sports Revenues (In US$ Billion)
  • EXHIBIT 3: Sharp Decline in the Number of Tourists Impacts Sports Tourism Related Retail Trade: Global Number of International Tourist Arrivals at Airports Worldwide (In Million) for the Years 2019 & 2020
  • Textile Industry Grapples With Supply Chain Disruptions & Poor Consumer Spending
  • EXHIBIT 4: A Massively Bleeding Global Apparel Industry Asphyxiates the Sports & Fitness Clothing Market: Global Apparel Industry Losses (In US$ Billion) for the Year 2020
  • Sports & Fitness Clothing Fails to Cope With the Strong Double-Whammy of Headwinds Sweeping Through the Sports & Textile Industries
  • EXHIBIT 5: Rising Levels of Unemployment Threatens to Shrink the Middle Class Population, Impacting Industries Dependent on Discretionary Income: Unemployment in the U.S. (In Million)
  • EXHIBIT 6: Rapidly Eroding Consumer Confidence Thwarts Hopes for a Quick Recovery: Global Consumer Confidence Index Points for 4Q2019, 1Q2020 & 2Q2020
  • Looking Beyond the Current Bleak Outlook, the Pandemic is Creating a Strong Platform for Health & Fitness
  • Increased Emphasis on Health & Fitness Post COVID-19 Promises to Make Amends for the Damages Sustained in Year 2020
  • With Workouts Shifting to Consumer Homes, Demand for Indoor Sportswear to Get a Fresh Lease of Life in the Post COVID-19 Period
  • Spike in Sales of Fitness Equipment in Year 2020 Is An Encouraging Sign of Coming Good Times for Sports & Fitness Clothing
  • EXHIBIT 7: Fitness Routine Changes of People as A Result of COVID-19
  • EXHIBIT 8: An Opportunity in Crisis! Increase is Sales of Fitness Equipment Brings the Promise of Increased Spending on Fitness Apparel When Economic Conditions Improve: Global Market for Physical Fitness Equipment for Years 2019, 2020 & 2021 (In US$ Million)
  • Sports & Fitness Clothing: Definition & Scope
  • Recent Market Activity
  • Innovations
  • World Brands
2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS
  • Digitalization of the Fitness & Fashion Industry to Accelerate in the Post COVID-19 Period
  • Connected Clothing to Arrive Much Earlier Than Previous Forecasts
  • Innovation in Sports Functional Clothing Breaks Loose, Promising a Robust Future Filled With Opportunities
  • Moisture Management Clothing Receives Special Focus
  • All Things Anti-Microbial & Anti-Virus Gets a Boost Due to COVID-19 Pandemic
  • COVID-19 Fast Tracks Transition to Sustainable Clothing & Fashion
  • Here’s Why the Environment & Sustainability Will be Top Priorities After the Pandemic
  • EXHIBIT 9: COVID-19 Pushes Sustainability From Just Plans & Strategies to Action: Global Market for Sustainability Technologies (In US$ Billion)
  • Here’s What to Expect in the Sustainable Clothing & Fashion Space
  • Textile Recycling Gathers Steam
  • Innovations in Smart Fabrics Provide a Window Into the Exciting Future of Fashion
  • Athleisure Wear Will Continue to Outpace the Rest of the Apparel Categories in the Post COVID-19 Period
  • The Epic Moment in Human History Where Sports Meets Fashion
  • 3D Printing Promises to Revolutionize the Future of Clothing Manufacturing
  • Women Represent a Large & Lucrative Consumer Cluster. Here’s Why
  • COVID-19 Thrusts e-Commerce/Online Retail into the Spotlight
  • EXHIBIT 10: Social Distancing Mandated by COVID-19 Leads to Massive Consumer Migration to Online Platforms: Global Retail E-Commerce Website Traffic in Average Monthly Visits (in Billions) for Jun-2019 to Jun-2020
4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS
  • GEOGRAPHIC MARKET ANALYSIS
  • UNITED STATES
  • CANADA
  • JAPAN
  • CHINA
  • EUROPE
  • FRANCE
  • GERMANY
  • ITALY
  • UNITED KINGDOM
  • SPAIN
  • RUSSIA
  • REST OF EUROPE
  • ASIA-PACIFIC
  • AUSTRALIA
  • INDIA
  • SOUTH KOREA
  • REST OF ASIA-PACIFIC
  • LATIN AMERICA
  • ARGENTINA
  • BRAZIL
  • MEXICO
  • REST OF LATIN AMERICA
  • MIDDLE EAST
  • IRAN
  • ISRAEL
  • SAUDI ARABIA
  • UNITED ARAB EMIRATES
  • REST OF MIDDLE EAST
  • AFRICA
IV. COMPETITION
  • Total Companies Profiled: 322
Note: Product cover images may vary from those shown
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