The global athleisure market is booming, projected to reach $3.2 billion by 2032 with a steady growth rate of 5.2 per cent, says a new report by Allied Market Research. This growth is due to several factors viz: from rising health consciousness to innovative marketing strategies. Let's delve deeper into this dynamic market segment.
Comfort takes center stage
Millennials, a generation known for their active lifestyles and health consciousness, are a major force behind the athleisure boom. They prioritize comfort and functionality in their clothing choices, making athleisure a perfect fit highlights Allied Market Research, 2024 study. This is evident in the dominance of the female segment in the market, with women being frequent buyers of athleisure apparel. However, the men’s segment is expected to see highest growth rate in the coming years, indicating a growing acceptance of athleisure styles among men. Moreover, athletes and celebrities endorsing athleisure brands further fuel consumer interest and market growth.
Athleisure for all occasions
The athleisure trend goes beyond just comfort. It offers a stylish and versatile option for everyday wear. Gone are the days when athletic wear was strictly for the gym. Today's athleisure apparel is designed to seamlessly transition from workouts to errands or even social outings. This versatility is reflected in the expected high growth of the hoodies segment, as consumers seek comfortable and stylish pieces for various occasions.
Digital revolution drives online sales
While traditional offline stores continue to hold a significant share of the athleisure market, online sales are rapidly growing. The ease of purchase and wider variety offered by online retailers is helping in this shift. Social media also plays a crucial role, with influencers and celebrities promoting athleisure brands, further driving online sales.
Market segmentation and trends
Sneakers currently hold the largest market share, but hoodies are projected for the fastest growth due to their versatility and variety. While women’s segment dominates the market, the men’s segment is expected to grow significantly, with athleisure staples like bomber jackets and crew-neck sweaters gaining traction. In terms of retail, while offline stores were the preferred shopping destination in 2022, online sales are anticipated to surge due to convenience and wider product selection.
North America currently holds the largest market share, but Asia-Pacific is expected to witness the fastest growth as consumers in the region embrace athleisure.
Indeed, the athleisure market is not without its challenges. The rise of counterfeit brands, particularly in price-sensitive regions, can hamper the growth of legitimate brands. However, leading athleisure companies are countering this by employing innovative marketing strategies, such as celebrity endorsements and social media campaigns. Additionally, advancements in material technology are leading to the creation of more comfortable, functional, and stylish athleisure apparel. Major players like Adidas, Nike, Lululemon, and Under Armour are constantly innovating and expanding their product lines to maintain a competitive edge.
As the focus on health and wellness continues to rise, and the lines between athletic wear and everyday fashion further blur, athleisure is likely to become an even more integral part of our wardrobes. The industry's ability to cater to the evolving needs of consumers, embrace technological advancements, and navigate challenges like counterfeit products will be key to its continued success.
