“Clouds are gathering on the horizon for the global sporting goods industry,” says the latest annual report from the WFSGI and McKinsey, Sporting Goods 2023 – The need for resilience in a world in disarray, produced in collaboration with The NPD Group and released on Jan. 23, 2023.
As previously previewed at ISPO in November 2022, the report paints 2023 as ”a challenging economic environment.” As such, companies are looking to embed resilience into their operations by going beyond raising prices to boost productivity and finding the right balance between saving and investment.
2023 will require a holistic approach from sporting goods companies to focus both on preserving demand and building resilience. According to the report, WFSGI and McKinsey predict four key themes will shape the industry in 2023:
Brand relevance: Sporting goods companies are among the most effective brand builders in the world. As consumer expectations rise and brand relevance deepens, brand building is expected to become more important.
Sustainability: Accelerating decarbonization and scale circular business models will be key for sporting goods companies to meet their aspirational sustainability targets.
Nearshoring: In an era of supply chain disruption, more companies are likely to turn to nearshoring as an element of de-risking and speeding up their supply chain strategies.
Investments in the industry: The success of sporting goods brands has attracted a wave of private investment. This is especially true for complementary brands, brands with an elevated digital interaction with consumers, and analytics at scale.
You can read the full report here.
Free webchat with the authors of the report
WFSGI invites you to join the introductory webinar, where the authors will present the report’s key findings, which is a clear trend analysis based on data and personal interviews.
The webcasts will take place in two slots on Wednesday, Feb. 1, 2023:
- Click here to register for Slot #1: 9:00-10:00 a.m. CET. ET.
- Click here to register for Slot #2: 4:00-5:00 p.m. CET
Register for free for one of the dates listed, and invite colleagues in your organization as well.