Sports is a booming business and a fast growing industry. It’s not just the sport events or media rights themselves that are the only large drivers of revenue. New studies are showing that consumers are continuing to spend large amounts of discretionary income on sports and fitness apparel. A study from Global Information, in partnership with Global Industry Analysts, predict that the sports and fitness clothing market will top $180 billion dollars a year by the year 2018.
The continued rise and revenue stream for companies such as Nike, Under Armour, Adidas and others, is due in large part to expanded participation in team sports and fitness activities. A trend,which the study groups under the term “westernization”, combined with rising income levels, and a demand for sports and fitness clothing as casual wear, will see a continuing rise in the industry.
The study also sees an upward trend in the Fitness Nutrition Food and Sport Drink sector, estimating nearly $55 billion per year, in sales by the year 2018. Major companies such as Coca Cola, PepsiCo, and Red Bull are responding to consumers’ healthier lifestyle choices by putting new products like energy drinks, energy bars and other meal supplements on to the market at an increasingly fast pace to satisfy this growing interest.