There is no doubt now, the rise of sports leisure is not a flash in the pan. The sportswear market is advancing without showing signs of slowing down, and it is estimated that it will grow by 25.1% in the next three years, reaching a turnover of 551,000 million dollars (approximately 500 million euros) in 2025.
To decree it is the consulting company global data, whose latest study recovers the image of a thriving and rapidly growing sector. In 2025, the weight of sports fashion should reach 23.6% of the global market according to the group’s analysts, who underline the crucial importance of new post-pandemic lifestyle and consumption habits.
Above all, smart work, which has radically transformed consumers’ approach to fashion. “Hybrid work – stressed Louise Deglise Favre of GlobalData – will continue to be part of the routine of people, who will continue to dress casually when they do not go to the office”.
In short, the new normality would be destined to last, continuing to reward one of the segments that have re-emerged almost unscathed from the crisis unleashed by Covid. The GlobalData forecast confirms it and even exceeds it with optimism the one previously published by McKinseywhich estimated that the segment will reach the threshold of 400,000 million dollars in the next three years.
However, the premise is the same: the shift in consumer preferences towards casual fashion has contributed greatly to the rise of sportswear, and it will not be so easily reversed. According to GlobalData, based on a large sample examined between January and March 2022 for the report, two in five people globally are still in smart work mode.
Working methods that undoubtedly contribute to making the occasions in which a more formal style is required more and more marginal. In any case, even those who have mostly returned to their physical workstations in offices now tend to opt for “less formal models”, preferring multifunctional solutions that can be carried across both remotely and face-to-face.
Formal wear, for its part, was the great defeat of the pandemic, and even companies that had traditionally made it their core business were forced to commit to casual.
And Italy is no exception within the world panorama, as witness the data from Assosport collected in a group of 120 Italian companies. According to the association, in 2021 a growth of 8.4% is expected compared to 2020 for manufacturers of clothing, footwear and sports equipment, with an aggregate turnover of 12,200 million euros. Growth is also expected by 2022 (+5.6%), with the total value of the sports industry reaching €12.9 billion (+2% compared to the pre-Covid era).
The financial results of the biggest names in the sport testify to the positive trend in the sector. The American Giant Nike Hill your last trimestereven exceeding the expectations of financial world, with revenues of 10.9 billion dollars (about 9.9 billion euros), 5% more. Result that made its stock jump up to +4.4% in after-hours trading.
Even number two in the world in sportswear, Adidas, marked a plus in the results of the last fiscal year, which closed at $23 billion. growing too under armorthat in his third room reported an 8% increase in revenue to $1.5 billion (approximately €1.3 billion) from a year earlier.
However, despite the fortunate momentum, the shadows of the world stage, from the Chinese supply crisis to inflation, through the slowdown in China and the Russia-Ukraine war, are cracking the performance of the protagonists of the sports universe.