Noticing the change in consumers and their demands you may tend to think what is going to happen to the activewear industry in 2019. To know about it all you will need to take a deeper plunge into the matter.
According to studies more than 50 million Americans are concerned about their ever increasing body weight and have pledged to increase their physical activity and exercise. This increase has resulted in the change in the active wear industry.
Since there has been so much hype regarding the soaring market of active wear, you may tend to ask you a question, whether or not the industry is really in a growth trend. Over the last couple of years, the media has made a lot of stories regarding this specific industry primarily due to the major and notable shifts in the lifestyles of the consumers. In search for new headlines, they have been chasing the bubbling and bursting industry in order to scour out evidences of dwindling references.
This by itself has muddied the truth behind this industry’s flourishing prospects due to the consumer shifts. This trend is sure to stay and will ever changing as well but as for the retailers this is not the only reason they should focus all their energies to it. Instead, they must dig into the area where apparel on the whole has made the movement considering the fact that active lifestyles are here to stay.
The promising signs
According to the reports of Global Industry Analysts Inc., it is predicted that the sports and fitness apparel clothing will reach as high as $231.7 billion in the world market by the end of 2024. However, to get there the active wear market will make significant changes over the years.
The traditional sports clothing retailers have augmented their assortments over the years and are continually doing that. This growth has really been steady which is proved by the volume of product that was in stock at the close of last quarter. The rise shows a significantly high 33%.
In reality, this is the market that is steadily moving forward along with its consumers. This suggests two things such as:
- There is a clear indication of growth in the sports apparel market and its prospects and
- Nothing has happened impulsively or suddenly.
Along with the old ones, a lot of new players have also gotten involved in to the game. You will find a lot of reliable and reputable names when you look for one and this is not limited to the physical stores only. There are a lot of online sites such as Tuffwomen.com and the likes where you will find latest and a wide assortment of workout clothes as well, once again signifying the growth and prospects of the active wear market.
With intent to cash on this eyebrow raising growth of active wear market, you will also see several retail brand names in the bandwagon that are hardly known for any sports offering.
Factors influencing growth
There are a few specific factors that have worked out the growth of sports apparel apart from the most primary one which is the consumer shift.
- The growth is more dramatic at non-traditional sportswear retailers because they have entered the market only after realizing and responding to the growth of the active lifestyles of the consumers. They number 33% in the fourth quarter over two years.
- However, the non-traditional retailers have made the most significant effect because they are taking chances due to the consumer shifts and lifestyle changes. The number to a whopping 99% as compared to the traditional sports retailers.
The clear indication and sense of these two figures is that the consumers are spending much more time in active apparel. On the other hand, it also signifies that they are spending less of their time in buying regular apparel which is ideally the core of the retail business. This provoked, if not influenced, the non-traditional sports retailers to get in on the game. This in turn created the big spike.
However, in spite of such a large leap, the total market is just one tenth of the size of the entire sportswear market existing today.
Impacts on the pricing
The new market entrants have impacted the pricing aspect and model as well. While monitoring the prices over time using smart AI filters especially on three core items such as leggings, footwear and sports bras, it is found that:
- The pricing of the technical sports apparel from the simply sports styled fashion apparels differed a lot
- Pricing of the traditional sports market showed a steady and mostly unremarkable growth indicating a stable market and not in time of a critical flux
- Pricing of the non-traditional retailers of active wear was found to be much more erratic primarily due to the fact that they are yet to find out the relationship with their customers and their suppliers or manufacturers.
This means that across the board neither market closed at a lower than average price point on any product. When this trend is compared with that of 2015 it shows that the global sportswear industry is still growing.
Impact on the product level
The trends and consumer shift has also impacted the product level. The most common printed leggings are now almost dead though it once opened the doors for several sports retailers to enter into the market of active wear with fashion prints. The digital prints that sold like hot cakes once now seem to have had their moment. Now you will get plain solid colored leggings and a few retro-looking block prints as well.
The most significant and interesting factor to notice here is that the traditional sports retailers are very slow in reacting to the consumer shifts as compared to the non-traditional retailers. It is also noticed that there is a significant decline in the arriving of new products by 13% as compared to the figure a couple of years ago.
However, the good thing is traditional retailers are upping their stock with a 29% increase already.