Technavio: FIFA World Cup 2018 Kicks Off the Demand for Sports Footwear

Technavio: FIFA World Cup 2018 Kicks Off the Demand for Sports Footwear

LONDON--(BUSINESS WIRE)--Jul 13, 2018--The consumer and retail industry is one of the biggest beneficiaries of the 2018 FIFA World Cup. Various segments of this industry are currently leveraging the global popularity of soccer to augment their company’s bottom lines, states Technavio market research experts. Top companies in this sector are engaged in various kinds of promotional activities centered around the FIFA World Cup 2018. These promotional activities include sponsorships, celebrity endorsements, limited edition sports lines along with world cup memorabilia.

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Technavio reports on FIFA World Cup 2018 and its positive impact on sports footwear. (Graphic: Business Wire)

FIFA World Cup 2018: an event to influence consumer spending

International sporting events such as FIFA serve to draw consumer attention towards the importance of health and wellness. In the latest report on the by Technavio, researchers have stated that manufacturers in this market space are using such events to influence consumer spending. Soccer boot manufacturers utilize such platforms to showcase their latest designs.

Technavio researchers project the global sports footwear market size to exceed USD 97 billion by 2022, with innovation from key manufacturers as its primary driving force. The APAC region emerged as the largest region with a maximum market share of almost 41% in 2017. This region will continue to see an increase in its market share with almost 3% climb through 2022.

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Global sports footwear market 2018-2022: celebrity endorsement strategies acts as a catalyst for market growth

Market research analysts at Technavio have identified celebrity endorsements as a key factor impacting market growth. Health and fashion-conscious millennials are more likely to invest in premium and branded products endorsed by their favorite sportspersons and teams. Therefore, leading companies in the sports footwear industry have bet their boots on the winning horse. The outcome of the FIFA World Cup 2018 may be nerve-racking for the teams and their supporters, but it will certainly be a hands-down victory for all the manufacturers of sports footwear. The leaders in this game will emerge as the new contenders for sponsorship rights for World Cup 2022 in Qatar.

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SOURCE: Technavio Research

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PUB: 07/13/2018 01:56 PM/DISC: 07/13/2018 01:56 PM

Updated : 2021-04-18 08:50 GMT+08:00