Shaping The Market 2024: Key Trends and Leading Brands
Economic Prudence and Consumer Behavior
In 2024, consumers are focusing on obtaining value for their money, demanding products that offer exceptional quality and justify their prices. This trend is driving brands to enhance transparency and align their pricing with perceived value and quality.
Global Market Trends
- Sophisticated & Personalized Pet Care: The pet care sector is evolving with more sophisticated and personalized products.
- Athleisure: The athleisure trend remains robust, with leading brands integrating athletic wear into everyday wardrobes.
- K-Beauty: Korean beauty products are gaining global traction for their innovative formulas and effectiveness.
- Quiet Luxury: Interest in quiet luxury—characterized by understated elegance and subtle opulence—is growing.
Athleisure Segment Overview
-
Global Web Traffic: Overall, web visits to athleisure DTC sites declined by 3.6% year-over-year (YoY) globally, though the trend varies by region.
- UK and Germany: Increased visits (around 5% YoY).
- US: Stable growth (0.7% YoY).
- France: Declines (3.3% YoY).
-
Top Athleisure Brands: Some established brands like Nike, Adidas, and Vans are seeing declining interest, while newer brands are gaining traction.
New Balance: A Rising Star in Athleisure
- Market Position: New Balance has seen steady growth in web traffic and search volume, ranking in the top five most searched athleisure brands globally.
- Collaborations: New Balance has partnered with brands like Aimé Leon Dore, Joe Freshgoods, and Kith, expanding its appeal to a broader audience.
- Football Sponsorship: New Balance secured a kit deal with Liverpool FC in 2015, expanding its presence in the football market. Recent partnerships include Bukayo Saka, a prominent player for Arsenal FC and the England national team.
Key Takeaways
- Transparency and Quality: Brands need to prioritize transparency and align their pricing with perceived value.
- Innovative Marketing: Strategic collaborations and sponsorships are crucial for brand growth.
- Adaptability: Companies that adapt to evolving consumer preferences are better positioned for success.
By aligning with these trends and strategies, brands can effectively navigate the dynamic market landscape and thrive in 2024.