The Next Normal for an Industry in Flux
The World Federation Sporting Goods Industry (WFSGI) and McKinsey & Company have teamed up to present a first inaugural Sporting Goods Industry Report —The idea for the report was born out of a series of webinars organized by WFSGI (World Federation Fitness and Sporting Godds Industry) and McKinsey & Company in March 2020. The high number of attendees and the positive reception sparked the idea for a more in-depth analysis, both of the present situation and of the “next normal” that is slowly taking shape.
This report is designed to present the latest thinking on themes that have either dominated the past year or will likely become cornerstones of the emerging reality. The trends may be broadly described under three banners: Consumer shifts, digital leap, and industry disruption. The used research drills down into a range of trends shaping the industry — including the rise of athleisure, the impact of digital, the surge in demand for home fitness solutions, and increasing inequality in physical activity. The report looks at the changing face of retail and the growing importance of sustainability, as well as new business models and the need for reformed supply chain relationships. Some of these trends were already in play ahead of COVID-19, while others represent a departure from the status quo. In both cases, companies face rising risks and opportunities. Finally, the report discusses potential strategies that might form the basis of a winning path forward.