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Rieva’s TRENDCAST: The Sporting Life – Global Sports Are Booming

By at 28 June, 2021, 7:50 am

By Rieva Lesonsky – 

The global sports market is booming. This, according to a new report from SIGNA Sports United (SSU), a leading sports e-commerce and tech platform, and Boston Consulting Group (BCG). The report predicts global sports participation will reach 3.5 billion people by 2025 and says international sports is a $1.1 trillion market today.

The report, which also surveyed 19,000 consumers in the U.S., UK, France, and Germany this year, reveals:

● Sports is the second most common global leisure activity (traveling is #1), with 35% of the world’s population participating in sports at least once a month.

● Digitization is growing—last year, over 830 million people used wearables or fitness apps. And 56% of all sports enthusiasts expect to adopt wearables in the future, mainly to measure their performance, educate themselves about a healthy lifestyle, or participate in online training sessions.

● Sports retail is the largest part of the sports market, accounting for $475 billion in spending. It’s likely to grow 7% annually, hitting $670 billion in 2025—that’s 1.4x the rate of GDP growth.

● Sports e-commerce is expected to experience double-digit compound growth rates over the next five years, growing 3x as fast as sports offline retail, making up 30% of all online sales globally.

The report says small businesses that want to reach sports consumers should focus on selling online and specialize in verticals. “Specialized online sports retailers are 2 to 3 times more likely to be the preferred shopping destination for equipment-intense sports such as biking, tennis, golf, horseback riding, or winter sports. Additionally, consumers spend more with online vertical sports specialists.”

You can find more information here.

Rieva Lesonsky “co-powers” Small Biz Daily, and is CEO of GrowBiz Media, a content and consulting company specializing in small businesses and entrepreneurship. Rieva has been meeting with, consulting to and speaking to America’s SMBs for nearly 30 years. Prior to co-founding GrowBiz Media in 2008, she was SVP/Editorial Director of Entrepreneur Magazine.  This article originally appeared on Small Biz Dailyand has been re-posted with permission.

 

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