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NEW REPORT HIGHLIGHTS 5 TRENDS FOR SPORTING GOODS INDUSTRY IN 2022

Business • January 27, 2022

DOWNERS GROVE, ILLINOIS (January 27, 2022) – A recent report released by McKinsey & Company and the World Federation of the Sporting Goods Industry (WFSGI) highlights 5 trends which will shape the sporting goods industry worldwide in 2022. According to McKinsey, none of these trends are new, but in the past year they have become even more important, widening the gap between various industry players, with economic profits becoming increasingly concentrated among a small group of players. The implication is some industry players must speedily adapt their business models.

The 5 trends for 2022 highlighted in the report are:

  1. Evolving attitudes and behaviors: consumers will continue to be active and seek physical activity in new and different ways with 70-85 percent of consumers expected to continue using online fitness and wellness programs, as well as digital exercises.
  2. From social media to social commerce: 80 percent of consumers use online channels to search for products. Additionally, social media continues to serve as an effective platform for influencers and digital communities to foster a closer connection between consumers and commerce.
  3. The sustainability imperative: the public’s increased awareness around sustainability has led to a higher demand for sustainable products with 2 out of 3 consumers worldwide saying sustainability is an important factor when purchasing apparel.
  4. The future of channels: industry manufacturer players are shifting toward offering direct-to-consumer (DTC) models, creating a stronger online presence and consolidating their retail-partners.
  5. Solving the supply chain puzzle: demand volatility, production bottlenecks, rising raw-material and transport costs and logistics chaos are causing turmoil in global supply chains. Shipping prices have increased at a rate of 7-10x due to demand/supply imbalances.

For more information regarding the report, click here.