The retail sports apparel market has been experiencing a rapid growth in the industry since 2006 and this improvement looks set to continue through to 2017. The industry has been forecast to increase at a compound annual growth rate (CAGR) of 6%, to reach a total market value of US $125 billion.
Athletic apparel appeals to a wide range of consumers, as over two-thirds of US consumers exercise at least once a week. Consumers also appreciate the versatility of athletic apparel, wearing it for non-athletic purposes as well. Furthermore, they are willing to pay full price for its functionality.
Growth within the retail sports apparel market is set to be driven by a number of factors including an increase in individual sports and athletic participation, changing lifestyles in emerging economies, and the continuing growth in awareness for health and fitness.
The market does however face some challenges in the form of the sensitivity of the industry to seasonal conditions and the frequent changes in consumer taste and preference.
Although consumers buy athletic apparel to wear when exercising, the vast majority wear it for other purposes as well. Only 13% of consumers have said they wear their athletic apparel only for exercise, while 80% reported wearing it around the house.
Even though North America currently dominates the retail sports apparel market, APAC looks set to take over this market dominance in the years to come.
APAC is forecast to grow at the highest rate among all the regions through to 2017. The apparel industry is expected to extend its presence within rapidly growing markets, with countries such as India, Indonesia, and Vietnam providing significant potential for regional and global sporting apparel brands.
For more information on the retail sports apparel market, see the latest research: Retail Sports Apparel Market Report
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