Market Trends of Licensed Sports Merchandise Industry
Increasing Sport Participation is Expected to Drive the Market Growth
- There has been an escalating growth in participation in sports since the last decade, owing to the growing health consciousness leading to increased physical activity and the demand for more entertainment. With the growing popularity of sports leagues, rising disposable income, and fan devotion, the licensed sports merchandise segment has seen tremendous expansion in recent years. The geographical expansion of different sports to various regions and the ever-increasing media coverage for other sports have also boosted the market growth.
- Additionally, increasing fandom of people and tough competition between teams are driving consumers to watch and participate in sports. Owing to this, the demand for sports merchandise products like apparel and footwear is increasing. For instance, in October 2023, the Blinkit online app sold Indian blue jerseys worth USD 18.2 billion. The jerseys were bought during the match of India Vs Pakistan. The jerseys were from the Adidas brand and other local brands as well.
- Commercializing sporting events, competitions, and tournaments has led to significant investments in traditional and e-sports. The availability of strong distribution channels and ease of availability of sports products at e-commerce platforms are likely to increase the demand for the licensed footwear merchandise segment over the medium term.
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North America to Boost the Sales of Licensed Sports Merchandise
- The licensed sports merchandise market has a prominent presence in the North American market. The growing popularity of various games in the region and youth participation have propelled market growth. Further, easy and convenient access to merchandise drives consumption in the region. Alongside this, the increased visibility of games through different media has been central to the market growth for the past several years.
- Celebrity endorsements are still a significant way of brand promotion in North America. The major players in the market are also taking inspiration from American sports to curate products accordingly. In 2021, Puma FtblFeat apparel seamlessly blended football and American varsity styles. This collection of t-shirts and tees was made accessible to consumers in America through both online and offline channels.
- Moreover, with the growing trend of customization, companies have started designing customized and advanced sports apparel to increase their customer base, thus increasing sales. Also, with the advancements in technology, manufacturers in the market are launching their licensed sports apparel and footwear pieces using innovative sportech textiles and fabrics with features such as wind protection, water repellency, ultraviolet (UV) protection, and anti-bacterial and anti-odor effects. These new product launches and technology innovations are expected to raise the appeal of sportech products for use in licensed sports merchandise of various sports entities.
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