It’s no secret that athleisure and sportswear brands have witnessed notable growth in recent years, largely thanks to an increased interest in outdoor activities, like pickleball and tennis, post-pandemic.
However, research shows there is still a large untapped opportunity in women’s sportswear.
A 2024 apparel and footwear report released by Euromonitor International, found that women’s sportswear sales accounted for just 36 per cent of all global sportswear sales, despite having a higher compound annual growth rate than men’s sportswear sales between 2018-2023 (5 per cent versus 3 per cent, respectively).
Some experts are anticipating the Olympics to help close this gap, thanks to the high profiles of female athletes such as gymnast Simone Biles and the fact that the Games have achieved gender parity for the first time in Olympic history this year.
Euromonitor International noted that the sportswear industry is set to benefit from the worldwide television audience and sponsorships with a forecast global growth of 4 per cent in 2024 versus 2 per cent for apparel and footwear overall.
Marguerite Le Rolland, Euromonitor International’s head of apparel and footwear, predicted that the Paris 2024 Olympics is likely to raise women’s sportswear sales.
As Le Rolland pointed out, “Many sportswear players are actively targeting women, traditionally less well served than men. Attendance, viewership and fan engagement are on the rise and sponsoring women athletes and teams is seen as the easy way in for brands as we are seeing with women’s football.”
Research from Euromonitor International confirmed that e-commerce accounts for nearly 33 per cent of the value of global sportswear sales. Given that 50 per cent of global female consumers use their phone to manage activities from shopping to viewing, Euromonitor predicts that online sales of female sportswear products will be even further boosted.
Research from Mordor Intelligence confirmed that the women’s activewear market is projected to witness a compound annual growth rate of 5.72 per cent over the next five years.
Le Rolland also pointed out that with more conversations centred “around women’s bodies, periods or contraception evolve, brands [will] increasingly see immense opportunities in developing products and services tailored to women consumers – their bodies, their minds, their rights.”
The very first Olympic Games were held in Olympia, Greece, 776 BC. However, the first successful Olympic Games didn’t take place until 1924 in Paris, France, with over 3000 athletes, including more than 100 women, from 44 nations.
A century later the Olympics has become a spectacle for not only sportsmanship but for brand marketing.
Businesses from around the world, ranging from tech to apparel, take advantage of the international spotlight given to the players, through tactics like individual and team sponsorships to engaging brand activations hosted in the Olympics host country.
Fashion brands especially are garnering notable attention because for the first time in its history, French luxury fashion house LVMH is an Olympic sponsor.
“The very fact that the 2024 Olympics will be taking place in one of the world luxury and fashion capitals has gone a long way to inspire teams and fashion brands to come together and be more thoughtful about the outfits the athletes will wear,” Fflur Roberts, Euromonitor International’s head of luxury goods, noted.
“While the Games are a great marketing opportunity for the key global players in luxury and fashion to show their support and capabilities, such partnerships are even better news for smaller niche fashion brands who have now been given the chance to participate in the Olympics and support their local teams.”
One newer player in the luxury fashion scene garnering notable attention from consumers and media alike is Jacquemus, an eponymous fashion label founded by Simon Porte Jacquemus in 2009.
The brand, known for its AI-created campaigns and noteworthy pop-culture references, launched a viral tongue-in-cheek video campaign referencing Olympic events such as diving and swimming relays.
Also, in partnership with another Olympics-favourite brand Nike, Jacquemus and the sportswear apparel and sneaker brand teamed up for the second installment of their collaboration collection. The brands took over a portion of the luxury British department store Selfridges for an over-the-top, Olympic-themed pop-up event which will close right after the Olympic Games finish on August 12.
The post How the Olympic Games could drive sales of female sportswear appeared first on Inside Retail Australia.
