Despite the controversy surrounding Nike and its support of controversial NFL quarterback Colin Kaepernick, the U.S. sportswear giant remains a firm favorite of American teens. According to the latest edition of Piper Jaffray’s bi-annual “Taking Stock With Teens” survey, 22 percent of the roughly 8,000 teens surveyed this spring consider Nike their favorite clothing brand, with American Eagle, the Pittsburgh-based clothing retailer, a distant second.
Nike’s popularity is even more pronounced when it comes to footwear, where 41 percent of teenagers call the iconic brand with the swoosh their favorite. According to Piper Jaffray’s findings, Nike’s popularity among the youngest group of consumers isn’t just pointing towards a bright future for the company but helps with current results as well. Piper Jaffray found that teenagers on average spend $2,600 a year on food and clothes, amounting to a whopping $75 billion in collective spending power.
London, UK – April 4, 2019 (PRNewswire) The innovations in basketball apparel designs and portfolio expansion is one of the key factors driving the growth of global basketball apparel market. Market players are deploying innovative materials to provide lightweight and breathable designs in basketball apparel. In addition, the companies are also focusing on cost optimization and product portfolio innovation for optimizing their profit margin strategies. As a result, these innovations will boost the basketball apparel market growth during the forecast period. Analysts have predicted that the basketball apparel market will register a CAGR of over 5% by 2023.
Increasing adoption of basketball
One of the growth drivers of the global basketball apparel market is the increasing adoption of basketball. The basketball sport has been gaining popularity among the youth in the Americas which is expected to drive the demand for basketball apparel.
Inconsistent raw material prices
One of the challenges in the growth of global basketball apparel market is the inconsistent raw material prices. The continuous changes in vendor profit margins due to the volatility prices of raw materials will hamper the growth of the market.
For the detailed list of factors that will drive and challenge the growth of the basketball apparel market during 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately fragmented with the presence of several market players. The growing technology innovation across the world are encouraging the sports apparel manufacturers to introduce smart features in their products. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
