Given the rise in consumer spending patterns, and a radical shift in their perspective to prioritize comfort on the same footing as style, it is no surprise that the footwear industry is growing leaps and bounds. The introduction of innovative and comfortable sports shoes by top footwear brands, designed with precision, to meet the stringent demands posed by sports athletes, has resulted in a highly contested global market for sports footwear.
Sports shoes are offered for both men and women, are infinitely more robust than conventional footwear and come in a wide range of styling and price. In the annals of the apparel and footwear industry, most of the established as well as new brands has looked at the latest market trends to improve their products and consequently, the profit margins. Herein, we are listing the top current trends that are shaping the sports footwear market.
1) Product innovation and the rise of athleisure
From running shoes to gym and training shoes, advances in materials and process technology has played a pivotal role in producing a range of modern, comfortable shoes for leisure, work, and sports activities. In recent times, the proliferation of athleisure has resulted in the introduction of a new product named athleisure shoes; a casual sports footwear that is gaining immense popularity.
2) Celebrity endorsement for building brand image
Whether the celebrity endorsement aids in boosting sales in other industries or not, it truly plays a major role in gaining positive customer interest in the sports footwear industry. This is because most of the sports and fitness enthusiasts easily relate to and get motivated by famous sportspersons. Nike is a great example in this regard, as it has been endorsing numerous celebrities in their advertising campaigns and has been extremely successful in gaining a lot of marketing mileage from the same. Such marketing initiatives will aid in the growth of the global sports footwear market in general and individual brands in particular.
3) Online sales offer enticing growth opportunities
In recent times, and in keeping with the general trend, consumers have embraced popular online platforms to buy their sports footwear. These platforms have emerged as a profitable tool for many industries in boosting their sales, and the sports footwear industry isn’t an exception to the rule. The reasons why consumers prefer buying sports shoes online range from the availability of competitive prices, convenience, range to fast delivery services. Many vendors such as Nike have already emphasized on their online business and are growing it at an impressive rate. The next big revolution in the global sports footwear market is definitely happening online.
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Global Sports Footwear Market 2017-2021