Global Sporting Goods Market Contracted 7% in Pandemic Year
According to a new report from the World Federation of the Sporting Goods Industry and McKinsey, 2020 revenues declined 7% to 12% across all regions except China, which posted 14% growth on its faster pandemic recovery. Digital sales were up as much as 20% in May compared to pre-pandemic levels, leveling out at about 10% growth in August as brick-and-mortar began to reopen. Some categories benefitted, with home workout, online/app-based workout, running/walking and biking leading gains, while marathon/triathlon and cycling were the biggest losers at the juncture of mass gathering- and tourism-driven events. The long-term boost to biking is still ... Log in to view full article.