Consumer Behavior

Global activewear market to hit $354B this year

Photo by istock.com

December 15, 2020

The global activewear market is expected to hit $353.45 billion this year, boasting a 3.7% annual growth rate for the next six years, and reaching $439.17 billion by 2026.

That's a prime finding from Comprar Acciones researsch thatreported U.S. athleisure items will account for 31% of apparel sales this month.

The bump in sales is to due to key players adapting to consumer trends and embracing direct-to-consumer sales online, according to a press release.

Consumers are busy buying comfy clothes given the ongoing pandemic and mandates to work at home to quell the infection rate.

Nike had a 75% increase in online sales during its Q4 FY2020 which ended in June 2020, according to the release, and e-commerce accounted for 30% of its total revenue as it closed 90% of retail stores. The brand's online sales rose by 82% during its Q1 FY2021 which ended on August 31, 2020, with total revenue at $10.6 billion and net profit at $1.5 billion.

Yet for Adidas, total revenue in H1 2020 fell by 27% to $9.81 billion as it closed 70% of stores, noted the release. However, online sales surged by 93% in Q2 2020 and 51% in Q3 2020.