The sports industry was hit by the epidemic from the beginning, and then the whole industry began to transform. Whether it is the fitness industry or the sporting goods industry, the original business and sales models have changed.
The Current Scale of the Sports Industry:
With rising health awareness, shifting sales channel preferences, and increasing focus on sustainability, the World Federation of Sporting Goods Industry (WFSGI) surveyed overall industry trends in the sports industry. In 2021, it will grow by about 14%, and the preferred aerobic exercise includes running and cycling, showing that the sports industry continues to grow after the epidemic.
And with the development of the middle class in emerging markets such as China and India, and the development of the middle class in mature markets such as the United States, the outlook for the sports industry remains optimistic. It is expected that the annual growth rate of the sportswear and footwear markets will reach 8% to 10% by 2025, and the market size in 2025 will grow to 395 million euros.
The global sports industry will grow by about 14% in 2021, of which China will grow by 23% and the United States will grow by 15%, gradually recovering the industrial momentum before the epidemic.
Although new variants of viruses such as Omicron still affect the economy and people's lives, the sports industry is still expected to continue to recover. By 2025, the global sportswear market is expected to grow at an annual rate of 8% to 10%, increasing to 395 billion euros 2025. And as more and more people are committed to a healthier and more active life, and to improving their health and immunity, the sports industry has a higher possibility of growth.
Sports Products that are Still Selling Well Under the Epidemic:
Because people cannot exercise outdoors, they also reduce the number of times they go to the gym and reduce contact. Hence the concept of "Home Gym". Whether it is a simple weight training rack, dumbbells, elastic ropes, horizontal bars, smart tracking systems, online video courses, etc., they are all forms of exercise accepted and transformed by the public.
Various small sporting goods are still very popular under the epidemic, but there are some differences between countries:
- Fitness equipment, ball games, and textiles in China
- Home fitness, yoga gear, and jogging in Japan
- Outdoor sports, paddle gear, jogging, and mountaineering in the US
- In addition, the bicycle is a sport that is maddened all over the world.
For the Americas and Europe, cycling had been one of the most popular sports before the pandemic. Affected by the epidemic, people have been greatly restricted in the sports environment. They need to maintain social distance and meet the conditions of convenient disinfection and ventilation. Make cycling a sporty alternative to commuting or exercising. People in many countries have also begun to integrate bicycles into their lives. Not only traditional mobility bicycles but also road bikes, mountain bikes, electric vehicles, and bicycle accessories have also become popular sports products during the epidemic.
The Development and Transformation of the Sports Industry:
While COVID-19 continues to impact the global economy, the sports industry is also affected. With many people still working remotely from home, the at-home movement is also gaining momentum. With the improvement of health awareness, more people have also deepened their investment in sports, and have also begun to contact and cultivate exercise habits such as fitness.
With the boom in e-commerce, consumers are more often shopping online to avoid reduced contact and convenience. The sports industry is also going digital, and more people watch instructional videos for fitness exercises.
In addition to digitalization, the world pays more attention to the issue of environmental protection and sustainability. When companies launch sports equipment and equipment, in addition to considering the function and differentiation of products, they also need to pay attention to the issue of carbon reduction.
Future Trends in the Sports Industry:
- The Evolving Mindset and Behavior of Consumers:
With the intention of consumers to stay healthy through exercise, 50% of consumers now exercise regularly. With the rising health awareness, the sports atmosphere is moving towards online fitness and community orientation. In 2022, consumers will continue to exercise in new and different ways. Instead of the traditional exercise location in the past, they will exercise at home instead.
Younger generations and consumers in China, India, and the United States are more willing to spend on sporting goods or exercise classes than older generations and consumers in other regions. According to the research, 78-85% of young consumers expect to continue to use online fitness, health, and digital exercise methods.
In the past, 41% of consumers of all ages were willing to spend on dining at restaurants, 39% were willing to spend on clothing, and 35% were willing to travel. Today, due to the impact of the epidemic, more people are willing to spend on sports, and 34% of young consumers express this intention.
- From social media, and social commerce, to digital ecosystems:
Through digital social media and influencers to create a closer connection between consumers and businesses, industry leaders are continuing to tap into this growing trend. Social media has also continued to evolve, using live streaming as a promotional tool and a shopping channel. Over 80% of consumers use online channels to find products. Consumers love social media and are willing to browse, discover and buy across multiple channels. Take an omnidirectional approach to finding fitness and wellness services, sports and outdoor gear and supplies, and more.
Online browsing has a strong suggestive effect, and people tend to buy after seeing it. Peers, sports and fitness stars, and micro-influencers are all strong influencers, with 6 out of 10 shoppers actively seeking user reviews before making a purchase.
More sports brands are using social media to reach customers, build networks, and use data and advanced analytics to foster a sense of engagement and a sense of belonging among consumers. This includes offering fitness classes, challenges and inspiration, and networking opportunities.
- The imperative for sustainability:
Consumers pay attention to the environmental sustainability of sporting goods, and the epidemic has cultivated a strong awareness of environmental protection and sustainability among consumers and has driven a market atmosphere where less is more than more.
Consumers expect to own things that last longer, such as durable sports clothing or durable sports equipment. It's okay to tinker with things instead of buying new ideas. As consumers' awareness of sustainability increases, they also expect their favorite brands to comply with environmental and sustainability-related regulations when launching their services or products.
The future sports industry must be inextricably linked with 5G networks, e-commerce, online teaching, etc. It will be a new generation in the sports industry.
