McKinsey’s research indicates that all generations, including Gen Z, millennials, Gen X, and baby boomers, are contributing to the growth of the sportswear sector. For example, in China, almost two thirds (63%) of baby boomers plan to increase their spending on fitness, while only 4% in India have similar intentions.
GlobalData’s report on the global sportswear market up to 2027 revealed that despite a slight slowdown in growth in 2023 due to high inflation in Europe and North America, the sportswear market continued to perform well compared to the overall apparel market. This can be attributed to the popularity of athleisure items, which offer versatility and comfort that consumers value, especially those prioritizing health, fitness, and value for money.
The report emphasized that health and wellness are key drivers of the global sportswear market, as consumers are increasingly focused on fitness and physical activity. The demand for sportswear items is expected to rise due to the continued engagement in exercise and outdoor activities. Additionally, there is an opportunity for sportswear brands to cater to consumers’ desire to try new sports by innovating and introducing materials and technologies that align with the evolving needs of active individuals who value both performance and style.
With a projected compound annual growth rate (CAGR) of 5.9% between 2022 and 2027, the global sportswear market is expected to be led by the Asia-Pacific region with a CAGR of 8.6%. GlobalData predicts that this growth will result in an increase in the region’s market share from 31.2% in 2022 to 35.4% in 2027, driven by the expanding middle class embracing global trends like streetwear and athleisure.