Athleisure Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Athleisure Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Athleisure Market was valued at USD 277.3 billion and is projected to grow at a CAGR of 6.09% during the forecast period, 2022-2027.

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, Europe, Middle East & Africa, Asia-Pacific, and Latin America, 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.

However, the strong presence of counterfeit goods in the marketplace has become a significant threat to the brand manufacturers and market growth. The growth of the luxury athleisure market has been affected by the presence of various counterfeit products, which customers may not be able to identify as fake.

Key Market TrendsFlourishing Demand For Sports Apparel Driving Athleisure

The increasing popularity of fitness activities, such as aerobics, running, weight training, and yoga, along with an increase in the number of women participating in fitness and sport-related activities, and surging memberships in gym and health clubs, is driving the demand for athleisure products. For instance, as per the survey conducted in association with Japan Sports Agency in November 2021, in Japan, 15.1% of respondents in their twenties stated that they used fitness clubs. Similarly, in Australia, 45.80% of people aged between 25 and 35 years have the habit of going to gyms, fitness clubs, and leisure centers. In addition, celebrity endorsements, international sporting events, social media influence, and government initiatives and campaigns such as #FitIndia (by the government of India), consumers are more likely to participate in fitness and sports activities, leading to more spending on healthy living.

Asia Pacific is the Fastest Growing Market

The growing health awareness among the emerging middle class and the increasing sporting environment in countries such as China, India, Australia, and Japan is anticipated to push the demand for athleisure products during the forecast period. For instance, Japanese enthusiasm around sports surged between 2019 and 2020, in large part owing to international sporting events like the Tokyo Olympics 2020 and Paralympic Games, which had a huge impact on the growth of the athleisure market by ensuring wide availability of products to suit varying requirements and levels of professional use. The athleisure market in the Asia Pacific has traditionally been dominated by big international brands, such as Reebok, Adidas, Nike, Puma, and Lotto. However, many domestic brands such as Mizuno, Asics, HRX, and Sfida, among others have also registered significant market penetration by constantly introducing different types of athletic wear, including clothing, footwear, and accessories across e-commerce platforms.

Competitive Landscape

The global athleisure market is highly competitive. 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., 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 research and development centers. These players are also active on social media platforms to advertise their athleisure products to attract more consumers across the world.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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