According to research firm NPD group, the estimated market size for Athleisure industry in The U.S. alone is $ 44 billion.
Athleisure is being called the new black. Reason?It is the industry which is growing at a very fast rate, providing lots of options to choose from. This market doesn’t seem to end at one point as it offers a lot of varieties in the form of accessories, footwear and apparel. It is the industry which has a market size of $330 billion at present and is still growing. Athleisure has been made out of two words- athletic and leisure. Under this market are the products which can be worn to gyms and for exercises as well as casual clothes for other activities. Trends keep changing with times and this trend seems to be the favourite of the consumers as it has been achieving growth and success, ever since it has made its entry in the wellness industry.
Functional clothing wasn’t particularly stylish and with the Athleisure trend this has been made possible. The reason for the massive popularity of the Athleisure trend is it has made fashion comfortable and stylish. It has filled the gap in the market place by providing products which has more than one use and are being loved by all.
Global Market Size:
According to research firm NPD group, the estimated market size for Athleisure industry in The U.S. alone is $ 44 billion. Apparel sales, as a whole, have increased 2% year-on-year in 2015. The market share from the non-athletic apparel can be stolen by the Athleisure apparel with growth to $83 billion by 2020. It is being said that globally, the market is going to rise from $$197 billion in 2007 to over $350 billion by 2020. The sales have been growing by 42% over the past seven years to $270 billion. In late 2014, big news was reported by WWD that activewear was beginning to overtake the denim market. The total sale for activewear was $35.1 billion for the same period.
The Athleisure market and trends going strong:
There are reasons which state why the Athleisure market is being preferred by everyone and is the fastest growing in the wellness sector. The apparel can be worn for exercising and exercising is an essential part for maintaining physical; and mental health. They also offer performance and comfort, which might be lacking in other apparel trends, making it the most loved one. Consumers do not want to compromise on these points and thus, Athleisure industry seems the perfect fit.
With the rise of upmarket gym chains, which have cult following despite expensive memberships, the need for Athleisure wear has been further fuelled. Non- sports use has also turbocharged the market as the consumer might just want to look good while not having any intention of breaking into sweat.
Big Names in the Athleisure market:
Seeing such a mind-blowing growth in the Athleisure sector, celebrities as well do not want to lose the chance of investing in this emerging wellness industry. Many reports stating big names partnering with different high end brands have surfaced in recent times. Kanye West and Stella McCartney have joined hands with Adidas, Beyonce has partnered with Topshop, Alexander Wang with H&M and many others have ventured into the Athleisure market. GAP Inc’s Athleta brand with which they have forayed into the Athleisure market is doing really well.
In India, Aditya Birla fashion and Retail have made a foray into the men’s innerwear and Athleisure market, which is currently worth Rs. 7000-crores and is growing at 13-14% per year.
The Athleisure market is like the rising star of wellness industry which is giving consistent growth and success to companies and is making other new ventures, looking up at the rate at which it is climbing up every year. This market is set to reach new heights in time to come and companies can make a lot of profit in it.