Business

Global Demand For Athleisure To Grow To US$ 550 billion By 2025

The global athleisure market is set to grow by 25% to US$ 551 billion by 2025, according to research by GlobalData. Sportswear is booming, as demand for comfort apparel continues to soar while two out of every five people are still working from home in some capacity. Globaldata research shows the popularity of sports fashion should reach 23.6% of the global market according to the group's analysts, who underline the crucial importance of new post-pandemic lifestyle and consumption habits. Of the people surveyed, 55% said they are still wearing athleisure clothes for more than sport activities. Trainers and sweatshirts at the office Louise Deglise-Favre, Apparel Analyst at GlobalData, comments: “People have simply been able to get more wear out of athleisure clothing while working from home over the pandemic. Now, with hybrid working set to continue, people will still want to dress casually and work out on the days they are not in the office. As for in-office working, we expect that to become more casual too. Trainers at the office and the sweatshirt-under-a-blazer look will be more popular. All of this traction will help the sportswear market grow by an impressive 25.1% to US$ 551 billion between 2021 and 2025.” GlobalData's forecast exceeds figures previously published by McKinsey, which estimated the category to reach US$ 400 billion over the next three years. Deglise-Favre continues: “As hybrid working continues and brands embrace the casualisation trend, consumers will continue to want more multifunctional, comfortable athleisure pieces that are appropriate for both wearing at home and in social settings. However, technical sportswear — clothing that presents performance characteristics that are used exclusively to practice a sport — will also be important as consumers continue to prioritise their health and fitness, and team sports are due to have their first full year without disruptions. The uptake in outdoor activities and cycling started by the pandemic is also expected to continue in 2022 and beyond, boosted by the representation of mountain activities in the Beijing 2022 Winter Olympics.” The financial performances of the big names in sportswear testify to the growth of the sector. Nike closed its last quarter with revenues of US$ 10.9 billion, an increase of 5%, beating Wall Street expectations. Adidas, also scored a plus in the results of its last fiscal year, which closed at US$ 23 billion dollars. Under Armor is also growing, which in its third quarter recorded an 8% increase in revenues to US$ 1.5 billion dollars (about 1.3 billion euros) compared to the previous year.