The global sports footwear market is poised to demonstrate a Compound Annual Growth Rate (CAGR) of 5.4 per cent; this growth trajectory shows the market will achieve a valuation of over $208.7 billion (£164 billion) by 2033.
This is according to recent research by Fact.MR, the market research and competitive intelligence provider. It explained that the expansion of the sports footwear market is predominantly propelled by several pivotal factors, including the evolution of fashion trends, heightened global awareness of health and fitness, and a surge in physical activities.
The report provided some key takeaways for retailers:
- It attributes the predicted success to the growing participation in outdoor recreational activities like rafting, skiing and trekking.
- Football’s massive popularity in Europe is a key driver of growth in the European sports footwear market, spurring demand for high-quality shoes among players and fans alike.
It also provided some insight into what it thinks will be “winning strategies”:
- It Is very important in this industry to combine online platforms with physical stores. This way, you can cater to a wide range of customers and make shopping easy and convenient. By offering both options, you reach people who prefer browsing in-store and those who like shopping online.
- Featuring celebrity sports players in advertising is a powerful strategy for top sports footwear brands, it brings credibility and authority to the product. It also makes a great way to connect with potential customers.
It also highlighted the importance of supporting your local community and setting some roots down. “It shows a commitment to the grassroots of sports and builds a positive connection with sports enthusiasts. This support provides visibility for the brand, targeting specific audiences and creating a favourable brand image,” the report stated.
