The next normal for an industry in transition
The World Federation of the Sporting Goods Industry (WFSGI) and McKinsey & Company have teamed up to present the first inaugural report for the sporting goods industry. The idea for the report came from a series of webinars organized by WFSGI and McKinsey & Company in March 2020. The high number of participants and the positive response provided the impetus for a more in-depth analysis of both the current situation and the “next normal” that is slowly emerging.
This report aims to present the latest thinking on topics that have either dominated the past year or are likely to become cornerstones of the emerging reality. The trends can be broadly described under three banners: Consumer Shift, Digital Leap and Industry Disruption. The applied research explores a number of trends that are shaping the industry – including the rise of athleisure, the impact of digitalization, the increasing demand for at-home fitness solutions and the growing 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 to reform supply chain relationships. Some of these trends were already in play in the run-up to COVID-19, while others represent a departure from the status quo. In both cases, companies are facing increasing risks and opportunities. The report concludes by discussing potential strategies that could form the basis for a successful path forward.
