Market Research Report
Global Athleisure Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
|Global Athleisure Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)|
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 176 Pages
Delivery time: 2-3 business days
Global Athleisure Market was valued at USD 248.31 billion in 2020, and it is projected to at a CAGR of 6.54% during the forecast period (2021-2026).
The COVID-19 pandemic has adversely affected several industries, including the athleisure market, worldwide. A decline in consumer spending for athletic clothing and footwear was noted by brands, like Adidas, Nike, and Puma, among others, as consumers reduced or delayed discretionary spending in response to the impacts of COVID-19, owing to a rise in unemployment rates and diminished consumer confidence. Moreover, decreased retail traffic as a result of store closures, reduced operating hours, and social distancing restrictions further impact the growth of the market. For example: During Q4 2020, Nike operations were impacted as approximately 90% of their NIKE Brand stores across North America, EMEA, and APLA, excluding Korea, were closed for approximately 8 weeks. Most Converse direct-to-consumer stores were also closed for a significant portion of Q4. As of July 15, 2021, approximately 99% of Nike's owned stores were open, with some operating on reduced hours.
Rising health and self-consciousness, desire to lead active lifestyles and to appear fit, is encouraging consumers to incorporate sports and fitness activities into their daily routine. This increased participation has led to a change in market dynamics, leading to an increased demand for athleisure products.
The availability of sports apparel with enhanced properties such as moisture management, temperature control, and other performance-boosting characteristics that prevent discomfort and potential injury, has captured the interest of consumers, who have been observed to be willing to pay more for such additional benefits. Hence, these enhanced features have propelled consumer habits to wear athletic apparel during their leisure period.
As the consumer lifestyle has been evolving especially across the developing nations, owing to rising disposable income levels and following up with the trends of sporty fashionable looks, the athleisure market is set to grow. The rising participation of working women in domestic sports and fitness activities also is expected to drive the market over the forecast period. The availability of sports apparel with enhanced properties such as moisture management, temperature control, and other performance-boosting characteristics that prevent discomfort and potential injury, has captured the interest of consumers, who have been observed to be willing to pay more for such additional benefits. Further, sustainability, a long-standing fashion trend, has made its way into the athleisure sector. Consumers continue to find and invest in new items made of sustainable, durable, and high-quality materials. Many firms are attempting to bridge the gap between fashion and innovative-functional designs.
One of the latest trends in the region is a combination of casual and athletic designs for the development of athleisure apparel, which is poised to provide a significant push to the growth of the market. The rising awareness about adopting healthy lifestyles, which encourages customers to buy and indulge in fitness/strength activities, is anticipated to contribute to the demand for various apparel in North American regions, during the forecast period. Moreover, the increasing appetite for foreign brands and rising disposable income, coupled with the desire to lead improved lifestyles are expected to positively impact the demand for sports apparel in the region. Athleisure wear has become increasingly acceptable to be worn in various social environments. Most of the consumers in the region find active wear comfortable and flexible which is attributable to the kind of material used to design such apparel or footwear.
Major market players are focusing on developing a diversified product portfolio, which is intensifying the competition in the market studied. The most active companies in the market studied include key players, such as Nike Inc., Nike Inc, Adidas AG, Puma SE, Under Armour Inc, and Lululemon Athletica Inc. These companies have been taking significant measures to increase their market penetration, across the world, with product innovations and the establishment of new bases and setting up more production plants, along with their associated R&D.