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.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
How the COVID-19 Pandemic Destroyed the Global Economy
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
Textile Industry Grapples With Supply Chain Disruptions & Poor Consumer Spending
Sports & Fitness Clothing Fails to Cope With the Strong Double-Whammy of Headwinds Sweeping Through the Sports & Textile Industries
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
Sports & Fitness Clothing: Definition & Scope
Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 322 Featured):
Reebok International Limited
Anta Sports Products Limited
Columbia Sportswear Company
Elite Sportswear, LP.
Hosa International Ltd.
Li Ning Company Limited
Mizuno USA, Inc.
Peak Sport Products Co., Ltd.
TerraFrog Clothing Corporation
Under Armour, Inc.
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
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