The rise of sportswear and its connection to the luxury industry is a topic explored in the latest report by research firm Launchmetrics. The sportswear market is projected to reach a value of $356 billion in the next decade, with an estimated value of $185.9 billion in 2022 alone. This growth signals not only support for physical activity but also a demand for comfortable and easy-to-wear clothing.
The Covid-19 crisis has played a significant role in boosting consumer interest in wellness-related activities and has also contributed to the rise of athleisure. Sportswear is no longer limited to performance and sports activities but has seamlessly integrated itself into everyday wardrobes due to its functionality, comfort, and style. Michael Jaïs, CEO of Launchmetrics, summarizes this trend by stating that sportswear has become an essential part of everyday fashion.
Leading this trend is the sneaker, which has become a staple in the collections of major fashion houses. Luxury brands such as Balenciaga, Louis Vuitton, and Dior have ventured into the sport shoe market, contributing to the accumulation of $2.4 billion in Media Impact Value (MIV) for the sportswear segment by 2022. Sneakers and luxury mentions account for 30.2% of this score, highlighting the growing popularity of this combination.
Partnerships between sportswear brands and luxury fashion houses have further accentuated this phenomenon. Nike and Off-White, Adidas and Prada, and Gucci and Adidas are just a few of the notable collaborations driving the cross-influence between sportswear and luxury fashion. Launchmetrics reports that the Gucci and Adidas collaboration generated $96.5 million in MIV last year.
The influence of micro-influencers in the sportswear industry is also growing. Their share of voice in discussions on the subject has increased by over 52% between 2021 and 2022. In the sneaker niche, where collectors are prevalent, their influence could be even higher.
Sustainability is another perspective worth exploring in the sportswear industry. While it currently represents only 1% of the total sportswear MIV, brands such as Stella McCartney and Prada, associated with Adidas, have made sustainability a priority. Launchmetrics emphasizes the opportunity for brands to prioritize and promote their sustainable initiatives to align with consumer values and improve their overall impact on MIV and the industry.
Useful Links:
– [Market.us Study on the Sportswear Market](https://www.market.us/report/sportswear-market/)
– [Launchmetrics’ “Sportswear Insights” Report](https://www.launchmetrics.com/resources/reports/sportswear-insights)
