Sports Industry Report Strikes Optimistic Tone

Jupiter, Florida, United States: The 2021 State of the Industry report has shown the sports industry strongly outperforming the overall economy in the United States.

Since the start of the pandemic, the sports and leisure industry has outperformed other sectors of the US economy. Despite Covid-19 restrictions, sporting goods sales recovered to post a small growth of 0.6% compared to 2020.

To put this in its historical context, 2020’s 3.5% hit to GDP was greater than the impact of the stock market crash in 2009, when the Sporting Goods Industry suffered more than other sectors. That the trend reversed in 2020 should give cause for optimism.

More recently, this also continues the trend of sporting goods growing faster than the overall economy. In the last decade, 2018 is the only year when GDP has grown faster than sporting goods.

Although this relatively strong performance has not yet fully translated into reinvestment in areas like R&D, the results provide reasons for hope for the future.

The results come from the SFIA State of the Industry report, which provides in-depth analysis of the trends and issues affecting the sports and fitness industry, including supply, demand, sales, acquisitions and bankruptcies and an overview of the macro-economic trends affecting the industry.

The annual report incorporates findings from The SFIA and Sports Marketing Surveys’ industry leading participation research and expertly sourced sporting goods sales information alongside specialist knowledge from industry experts.

The report both looks back on 2020 and also features forward projections based on evidence given by a robust panel of sports businesses, revealing trends and plans for manufacturing, domestic and global production and routes to market, as well as potential stumbling blocks and barriers to progress.

“We know that inactivity is on the wane, but that’s just one of the trends driving impressive performance in the sports industry and sporting goods has shown greater resilience to Covid-19 than many other sectors, so it’s natural that companies are looking to invest. This report provides a perfect foundation for that,” said Keith Storey, President of Sports Marketing Surveys USA, a Full Business Member of the Asian Golf Industry Federation.

Storey said the State of the Industry report will benefit businesses already involved in the industry as well as those businesses or start-up companies hoping to attract investment and developing strategies within the sports and leisure sector.

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