China, influencers and collaborations: The drivers of the sportswear market

Launchmetrics, the data analyst specialising in fashion, luxury and
beauty brands, has looked at the sportswear phenomenon for the first time,
which has been a driving force in fashion and lifestyle for years. The
report, Sportswear Insights by Launchmetrics, examines key trends,
influential voices and successful brand strategies in an attempt to shed
light on the evolution and importance of the industry in today’s dynamic
consumer landscape. In total, Launchmetrics analysed over 70 sportswear
brands to identify key trends in the industry, such as the most powerful
voices, key influences in sportswear communities, the biggest game changers
in the industry and the overall future direction of the sportswear
landscape.

Sportswear is growing rapidly

The sportswear market has grown tremendously in recent years with a
total market value in 2022 of 185.9 billion dollars. By 2032, it is
expected to grow to 356 billion dollars, according to Launchmetrics. The
reason for this growth is due to various factors. One of them is the
increased health awareness of people following the pandemic and the
resulting higher willingness to spend money on it. In addition, athleisure
has established itself as a dominant fashion trend and has finally ensured
that sportswear has been converted into everyday clothing. Ultimately, it
is also qualities like functionality and comfort that have convinced people
to want to wear sportswear everywhere.

This change has not only been driven by the products themselves, but
also by iconic brands, influential designers, celebrities and prominent
athletes. It can also be said that the handling of the topics of
sustainability or diversity had an influence on the perception of
sportswear.

Sportswear MIV increases by 52 percent in China

The most important unit for measuring success at Launchmetrics is the
“Media Impact Value” (MIV). The company has developed its own algorithm to
measure and benchmark the impact of all media placements and mentions in
the fashion, lifestyle and beauty sectors. When measuring MIV for
sportswear, Launchmetrics found notable differences across regions.

For example, in 2021, the Americas accounted for 2.5 billion dollars of
MIV, making the region the largest contributor, followed by EMEA at 2.1
billion dollars. China’s MIV was 1.2 billion dollars.

However, in 2022, total sportswear MIV increased globally, with growth
of 7 percent in the Americas, by 4 percent in EMEA and a remarkable 52
percent in China. These figures show the evolving landscape of the
sportswear industry across regions.

China: Influencers are the most important voice type

Which types of media have the most influence varies from region to
region. Launchmetrics’ analysis of “voice types” in the global sportswear
market shows a contrast between China and the rest of the world. In China,
influencers are the most important voice type for MIV. They play an
important role in shaping consumer behaviour, brand preferences and general
engagement with sportswear products in China. In the rest of the world,
however, media is the dominant voice type contributing to MIV.

The future of sportswear

Collaborations have achieved particularly high MIV in the past, such as
the collaboration between Adidas and Gucci, which generated an MIV of 96.5
million dollars in 2022. For the coming years, collaborations will continue
to be an important factor to maximise return of investment (ROI) and gain
broad brand awareness as well as develop new target groups.

At the same time, sportswear brands that drive inclusivity and empower
women in male-dominated sports and diverse communities are gaining
traction. By promoting diversity, these brands resonate with consumers who
value inclusivity and build brand loyalty.

Celebrities will continue to be influential voices. At the same time,
micro-influencers are gaining importance and experiencing a significant
increase in influence.

Sustainability has become an important topic for sportswear brands,
which brings a lot of attention to individual brands. So far, however, the
whole topic only accounts for 1 percent of the total sportswear MIV.