Casual champs

The 2024 Paris Summer Olympics provided a plethora of standout fashion moments for apparel companies. From Nike’s US gymnast Simone Biles to Fila-sponsored South Korean shooter Kim Yeji and Puma-adorned Swedish pole vaulter Armand Duplantis, sportswear took center stage. The ongoing trend toward casualization continues to fuel global spending on sports apparel and footwear, presenting long-term growth opportunities for sportswear companies with a global presence and innovative product launches. In North America, spending on sportswear has surged to 26% of total apparel and footwear in 2023, up from 18% in 2009—whereas the global average just reached 18% last year. This doesn’t necessarily indicate higher activity levels among US consumers; many people wear sportswear for casual events, travel or work. However, the gap does highlight growth potential in markets with lower sportswear penetration, such as Asia-Pacific and Western Europe, for companies with strong footing in these regions.

Source: JP Morgan Research, Euromonitor, August 2024.