Sales of Sports and Fitness Equipment Continues to Boom
By Fusion Team
The considerable growth in fitness pursuits like running, cycling, in-home weight training and online fitness classes continued into April.
Linked to this boom, Omni-channel sales in the sports and fitness equipment and accessories categories grew by nearly 36%* to the end of April. In effect, if retailer’s sales grew, but by less than 36%, they actually lost customers and market share to competitors.
The year over year sales increase in April* was driven by four key factors:
Although unemployment benefits such as EI and CERB declined for many in April it was more than made up for by increased wages and people finding employment, providing Canadians with more spending power.
More people moved in April compared to the same period last year when property purchases fell dramatically due to COVID public health measures; moving house is a major contributor of purchases in the sports and fitness equipment category.
Better weather allowed Canadians more time outside and contributed positively to demand in April.
Retailers raising some prices was the only key factor to dampen sales which nonetheless grew a substantial at 36% vs the same period last year.
Through May and June, Fusion’s forecast is for sports and fitness equipment and accessories categories to continue its strong growth as economic factors improve, housing markets stay hot, and governments only gradually begin to lift restrictions on other activities that compete for share of wallet with these categories.
For a comprehensive understanding of your category, its dynamics and competitors, contact the team at Fusion. We’re always happy to talk: email@example.com / +1 (866) 398–9927