2013-03-18 11:52:43 - Future Growth bolstered by surging participation in walking, running, snowboarding and biking activities and growing awareness towards a healthy lifestyle
New Delhi: 25/2/2013- Japan’s economy underwent drastic changes due to several catastrophic events such as tsunami, earthquakes and nuclear disasters which adversely affected the industry outputs and dampened consumer confidence in the economy in the last seven years. The plummeted consumer spending has led to a fall in the revenue generated by athletic apparel market in Japan over the last few years. In 2011, while the global economy recovered from the euro crisis in 2010, conditions remained difficult in Japan due to factors such as persistently high unemployment rates and concerns that economies such as those of Europe and North America took a turn for the worse. Although Japan’s economy rebounded in 2H2011 with industrial output recovering along with government
introducing generous public reconstruction programmes, however, strengthened yen weakened the exports leading to a constrained private investment leading to a contraction of overall GDP of the country.
In the immediate years, interests in sport remained at a high level owing to rising health consciousness on the back of a running boom but the business conditions remained challenging. The athletic apparel and footwear market in Japan grew at a negative CAGR of 1.2% over the period 2006-2012. The athletic apparel market in Japan is majorly held by training wear, golf wear, outdoor wear and lifestyle wear accounting for a significant portion of the overall market revenue in 2012. In the athletic footwear market, multipurpose footwear, running footwear and walking footwear accounted for majority of the revenues over the last few years.
The Japan athletic apparel market is concentrated with the presence of several large scale and small scale manufacturers, retailers and wholesalers, of which the top 6 companies contribute more than 60% of the total athletic apparel market revenue in 2011. As the market is much concrete, there is high level of competition amongst the market players which leads them to compete against each other either on the basis of innovative designs, colors and sizes or on the basis of innovative marketing and brand promotion or expansion strategies such as in-store promotions, discount coupons and attractive deals.
According to the research report “Japan Athletic Apparel and Footwear Industry Outlook to 2017- Innovative Marketing and Brand Promotion Strategies to Impel Growth” by Ken Research, the Japan athletic apparel market would grow at a CAGR of 1.4% from 2013-2017, thus reaching USD 8 billion by 2017 due to escalating consumer interest in health and fitness activities leading to introduction of innovative designs by the companies in popular footwear categories.
Changing perception about fashion, restricted frequency of purchases and rising importance on product cost and attributes is expected to drive the consumer purchasing decisions in the sports apparel and footwear market in Japan, due to which manufacturers will emphasize on offering value products, innovative marketing strategies and redefining the fashionable and customized products.
The report provides detailed overview on the athletic apparel and footwear market in Japan and aids readers to identify the ongoing trends in the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report will help industry consultants, athletic apparel and footwear manufacturing companies, suppliers and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.
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