The athleisure market in Latin America is predicted to grow at a CAGR of 9.82% from 2023 to 2028 and the Latin American market size is expected to be worth USD 41.66 billion by 2028 from USD 26.07 billion in 2023.
Athleisure is a clothing category that encompasses things that can be worn for both athletic and informal purposes. As people's excitement for sports and outdoor recreational activities grows, so will the demand for athleisure clothes. The increasing consumer fitness and health consciousness is the crucial driver that is responsible for fuelling the demand for stylish and comfortable clothes. Furthermore, a lot of companies specialize in specialized athletic product categories and offer tailored gear that is best suited to the needs of consumers.
As consumer habits alter, particularly in developing nations, due to increased disposable income levels and the adoption of appealing athletic appearances, the Latin American athleisure market is predicted to grow. In addition, the rising participation of working women in domestic sports and fitness activities is predicted to fuel the Latin American athleisure market from 2022-2027. Furthermore, customers have demonstrated a willingness to pay extra for sportswear with better features like moisture management, temperature control, and other performance-enhancing qualities that prevent pain and potential damage. Furthermore, sustainability, a long-standing fashion trend, has made its way into the athleisure business. Consumers are still looking for and buying new items made of ecologically friendly, long-lasting, and high-quality materials. Many companies are attempting to bridge the gap between attractive and functional design.
In the Latin American athleisure market, rising disposable income, technical improvements in garments, and increased product awareness through social media and celebrity branding are all boosting demand. Furthermore, the expansion of the athleisure market in Latin America is likely to be fueled by an increase in the sales of health-conscious people opting for performance and comfort clothing. Furthermore, in the future years, the sector will benefit from extensive research and development into manufacturing new fabrics with great tensile strength and durability.
The COVID-19 epidemic has had a negative impact on numerous industries around Latin America, including the athleisure market. Consumer expenditure for athletic clothing and footwear has decreased, according to Adidas, Nike, and Puma, as customers cut down or postpone discretionary buying in response to the effects of COVID-19, owing to higher unemployment rates and lower unemployment rates consumer confidence. Furthermore, decreasing retail traffic due to store closures, reduced operation hours, and social distancing regulations all impact market growth.
This research report on the European athleisure market has been segmented and sub-segmented into the following categories:
By Product Type:
Athleisure clothing has been increasing in popularity among its target market, owing to both aesthetic and comfort features. Therefore, there seems to be a rapid increase in the trend of wearing athleisure apparel in social gatherings or even as casual wear. Furthermore, athleisure is becoming more widely embraced in the workplace. Many employees consider wearing casual tees and sports sneakers to work. As a result, one of the primary elements boosting the demand for clothing in the Latin American market is the comfort characteristics offered by athleisure apparel.
By Gender:
The male segment has a more significant value share in the Latin America athleisure market. When it comes to attire, men want comfortable and attractive clothes. Athleisure product offerings and features meet such needs. Some athleisure apparel, such as bomber jackets, casual trousers, crew-neck sweaters, polo shirts, and others, have gained acceptance among the male population in recent years. As a result, one of the primary factors fueling demand for athleisure among men is the product's distinct traits of style and comfort.
By Distribution Channel:
Sales through the offline channel account for the highest value athleisure market share among these distribution channels. These stores offer a wide range of apparel and footwear options, marketing both branded and private-label products. Customers always prefer to try out things before buying them, and an offline store allows and responds to such needs. Furthermore, these types of stores organize a variety of important promotional and marketing activities, such as customer loyalty programs, discounts, seasonal specials, and so on.
By Country:
Latin America remains a mini and slow-growing market for sportswear, impacted by Argentina's and Brazil's recent economic difficulties. However, as the health and wellness trend and the loosening of dress codes worldwide encourage Latin Americans to pick up new lifestyles, they are increasingly purchasing performance and sports-inspired apparel and footwear, with economic recovery and the growth of the internet retailing expected to accelerate this growth in the future. The world's two fastest-growing sportswear markets, Venezuela and Argentina, were located in Latin America while rising inflation in Venezuela has impacted sales and has worn away consumers' purchasing power. On the other hand, deflation is afflicting Chile, one of the region's smallest sportswear and athleisure sectors. Prices have fallen because of intense price competition, discounting, and an influx of low-cost Chinese imports.
KEY MARKET PARTICIPANTS:
Puma, Nike, Under Armor, Adidas, Lululemon Athletic, Asics Corporation, Columbia Sportswear Company, Gap Inc., North Face and Phillips-Van Heusen Corporation are some of the key players in the Latin American athleisure market.
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