Technology in sports and fitness products continues to be a growth driver for the industry, according to the latest State of the Industry Report published by the Sports & Fitness Industry Association (SFIA). Acquiring new technology (40 percent) ranked second only to increasing market share (56 percent) as top business concerns for the industry in 2014.
“In recent years, the industry has been concerned with business factors such as constrained consumer spending, material costs, and product sourcing volatility,” said Tom Cove, SFIA’s President and CEO. “While those concerns are still present, we’re seeing a positive shift in attitude towards incorporating technological innovations into sports and fitness product as a big growth driver.”
The 2014 SFIA State of the Industry Report reveals that for the first time in four years there was no plan to reduce manufacturing capacity, while 86 percent of respondents reported to either needing additional manufacturing capacity or current capacity met their needs.
In addition to exploring current business factors such as technology, the 2014 SFIA State of the Industry also provides insights into participation, consumer spending, the importance of sports safety, and current distribution trends.
Conducted by Sports Marketing Surveys USA in conjunction with Stitch Market Research, the SFIA State of the Industry features in-depth interviews with Mark King (President, adidas Group North America), and Bill Besselman (VP, Strategy, Consumer Insights & eCommerce, Under Armour), and Isaiah Kacyvenski (Head of Sports & Fitness Segment, MC10 Inc.) as they share their industry observations.
“The sports and fitness industry is clearly more competitive than ever,” said Nate Heckman, Principal of Stitch Market Research. “We love that the focus has shifted to finding ways to win, rather than blaming forces that aren't impactable. This attitude really comes through in our expert interview conversations, all three of these leaders welcome challenges and actively innovate (business models, tech, challenging old ways of thinking…all of it).”
The 2014 SFIA State of the Industry Report is FREE to all current SFIA members and $495 for non-members. The SFIA will also be hosting a 2014 State of the Industry Webinar, on June 26th at 2pm EST, featuring the SFIA’s VJ Mayor and Stitch Market Research’s Nate Heckman. The webinar is FREE to attend for all current SFIA members and $149 for non-members. CLICK HERE for more information on the 2014 SFIA State of the Industry Report and to register for the June 26th webinar.
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