Athleisure

The phrases athletics and leisure are combined to form the term athleisure. The phrase describes a fashion trend when people dress in sportswear that is primarily made for workouts or informal settings like the workplace. The review of athleisure fashion was conducted, and it was inspired by shifts in consumer behavior that are having an impact on the category's prospective market growth. Consumers are starting to realize that sporting clothing can be well-designed and fashionable, which is why the fashion trend is becoming more and more popular on a global scale. Asia is not being left behind in the fashion revolution, as nations like China, Thailand, and Singapore are starting to gain ground in the global markets for athleisure apparel. The market growth in Singapore is being facilitated from the health awareness as it coincides with the global athleisure fashion trend. Therefore, it was appropriate to conduct a review of Singapore due to its large market in the South East Asia.

Changes in Consumer Behavior Affecting Athleisure Fashion

There are some studies done on the comparison of the intention of purchasing counterfeit sporting products among the students from Taiwan and Singaporeans based on their planned behavior theory. The results indicated that intention of the students from both countries to purchase sporting products depends on their attitude, brand consciousness and the subjective norms (Chiu and Leng 2016). However, Taiwanese students were being affected by the perceived behavioral control. The analysis of the journal furthers indicates that Singaporean students had much positive attitude towards buying of the counterfeit sporting products. There are also high chances of the peers of the students being influenced to purchase similar counterfeits sporting goods.

I agree with the author’s findings that the attitude of the Singaporean students to buy sporting goods is positive as compared to other countries such as Taiwan. The attitude of the Singaporeans people is being transformed towards participating in sports and leisure activities, and they are willing to buy sporting products, although they might be counterfeit creating the additional market demand for athleisure fashion products.

The fast fashion systems should provide a response to new trends in the market. According to Cachon and Swinney (2011), there should be the quick response of the production capacity to match the growing product designs that capture the demand of the current trends among consumers; also focusing on the future consumer purchasing behavior such as an intentional delay of buying particular products at low prices. The study realized to have enhanced design systems would assist to control the strategic behaviors by providing consumers with products which they value more, reducing the time of waiting for the clearance sale and availing the products consistently.

I concur with the author on designing the fast fashion systems that respond to the new trends are exhibiting. In Singapore, people become much concern about their lifestyles in comparison with the previous years, as they are engaging in sports and leisure activities such as running to improve their health and wellness. It has made the taste and preference of the Singaporean consumers towards quality and the newness from the branded visible goods. Therefore, local customers would like to buy newly designed fashion products in the market that can match their changing needs. It would have a significant influence on the athleisure fashion products as it would need diversification to meet new preferences of the consumers.

There is a significant impact of price sensitivity and innovation on the purchasing behaviors of consumers towards the smart wear. The price sensitivity has an adverse influence on the fashion innovations and technological development (Park and Noh 2012). The sensitivity of the price and purchasing intention of customers to buy smart wear was positively affected by the technology innovativeness.

I agree with the author on the influence of the price sensitivity and technological development on the purchasing intentions of the fashion products such as smart wear. Due to introduction of online shopping platforms in Singapore, more local consumers are ordering fashion products from athleisure fashion and people are also expecting to get a discount on the wears they are buying. Therefore, Singaporean consumers are also sensitive towards the price of the athleisure fashion products and more people are ready to make purchase through the online platform.

Based on the insights that were provided by Asia-Pacific Athletic Apparel and Footwear Market Outlook provided regarding the Athleisure Fashion market, some trends and the future outlook of the footwear and athletic apparel can be witnessed across the region. It indicates that there has been a consistent trajectory of growth from 2009 to 2014. The growth was contributed by the increasing of purchasing power, and more households were willing to set aside budgets for footwear and athletic apparel due to better job opportunities and economically conducive conditions (PR Newswire 2016). Further, consumers are developing confidence on the athleisure and footwear products in the region which has seen the market to grow at the rate of 13% annually.

I concur with the author that there is a consistent growth of footwear and sportswear market across the Asia Pacific region which includes Singapore. The spending patterns of the local consumers have been changing as more money is going towards lifestyle experiences and services. Therefore, the expenditure trends are continuing to provide an opportunity for the athleisure products to gain more sales as they aligned with having a healthy way of life.

The Euro monitor analysts state that the interest of consumers is shifting towards having experience rather than acquiring personal products. People are consistently seeking experience opportunities as the global wealth increases (Business Wire 2017). The jeans industry are now shifting their focus venturing athleisure fashion to exploit the growing business opportunities. Globally, wealthy families are much concerned about their health status as they want to demonstrate how they care for the wellness of their body, apart from being conscious of what they are doing, eating and wearing. It is true that wealthy people across the globe are focusing on taking care of their bodies to remain active engaging in physical wellness activities such as gym exercises. A similar trend is being witnessed in Singapore as rich consumers have been forced to maintain their social class status by having personalized fitness training session as some also use celebrities to be their exercise instructors. Thus, the social class trends are creating the positive growth of athleisure designers as active wears are being needed to compliment luxurious fitness activities of the elite consumers to confirm their social status.

Potentiality of Athleisure Fashion

Adidas Group Company is continuing to be the global leader in active wear industry since its establishment. Recently, the firm has been able to transform its brand image which has resulted in the increased desirability of consumers, which has enhanced its competitive advantage in the global market (Lagnese 2017). The article starts that the firm is growing at a higher rate due to increased revenues, net income, and sales. The growth is contributed by the differentiation and competitive advantage strategies that are being implemented throughout its outlets across the world including Adidas Singapore. The company is also partnering with some famous people such as Pharrell Williams and Kanye West to enhance their brand recognition at the global stage.

I agree with the author that Adidas is the leading company in the sports and leisurewear industry across the world. Their outlet in Singapore has a significant market share of $ 39 billion, second after Nike. Despite that Adidas is an international company from Germany, it is penetrating into the Singaporean market which makes it grow at a rapid rate. Therefore, it shows that athleisure fashion market in Singapore is expanding much faster as compared to other countries across the South East Asia region.

The study on the analysis of international trade on sports related products states that the market is still in its infancy indicating that Asia is the leading continent where athleisure fashion markets are emerging. The regions were divided into continents. The study was concerned with the export and import ratios in the world market, and it appeared that in Asia China and Japan formed the top countries of major exporters from the region (Andreff and Andreff 2009). Among emerging economies that were studied in the region was the Singaporean one, as it is recognized as the major exporter of sportswear, gymnastic equipment and anoraks across the southeast Asian region. However, the study stated that the emerging countries such as Singapore were much specialized in trite sports goods.

I disagree with a researcher that the countries in the Asian region are dealing with trite sports products unlike in Western Europe. There are main international companies in Singapore such as Adidas and Nike that are manufacturing new products, and not recycling the products as the study suggested. Further, there is a stiff competition in the local market which compels many firms to introduce effective marketing strategies to penetrate into the emerging market in Singapore. However, it can be concluded that since Singapore was categorized as a country with the emerging market, there is a tremendous market potential that can be exploited by other firms.

There is a steady growth of the Singaporean footwear industry. According to Footwear Industry Profile (2013), the total footwear market value in 2015 reached $ 539.2 million, representing an increase of 1.9%. The market valued is forecast to grow at the rate of 15.8%, which translates into $624.2 million. The largest segment of the market is occupied by the women footwear at the rate of 56.1%. In the geographical regions, 0.6% of the market value of footwear in the Asia-Pacific footwear industry is based on Singapore (Footwear Industry Profile 2013). There is a stiff market competition in the Singapore market as there is a high number of footwear specialists and foreign retailers that are getting inside the domestic market. Further, more brands and styles are being introduced as part of the strategy to conquer the market and also pricing.

I agree with the author that the market value of the footwear industry is growing rapidly in Singapore as more firms are entering to capture the growing market. It is due to a high number of the locals that are participating in marathon events which would require footwear to use on such important occasions and other running exercises. Therefore, the footwear industry has a great potential in Singapore that is contributing to the larger market of athleisure fashion products.

It is estimated that in 2015, the sports equipment industry in Singapore has a market value of USD 276.3 million which represented a growth rate of 3.6% annually, from 2011. During the trading period of 2015, specialist retailers are reported to have a large segment of the market sales in Singapore sportswear market that contributed to US$ 202.2 million in the greater sports equipment industry in the country (Sports Equipment Industry Profile 2015). The participation in sporting activities has increased rapidly and accelerated the growth of the market for sportswear and sports shoes. It is an impressive feedback as it enhances the demand for athleisure fashion.

I agree with the author's statements that sports equipment industry is growing in Singapore. It is being contributed by the increasing number of locals that are eager for sports activities. It has indeed contributed to the expansion of athleisure fashion market as more people are demanding of the sportswear to take part in sports and leisure activities and other opportunities are being witnessed daily in the market.

Based on financial information of Lululeimon Athletica firm for the third fiscal quarter in 2012, the company is continuing to experience the growth; they have plans of expanding to other markets that are overseas such as Europe. In the report, the Chief Executive Officer, Christine Day states that despite that they are charging high prices on active wears, there is no negative impact on the profits of the firm (WWD 2012). The statement from C.E.O continues to state that Singapore and Europe have a potential market for their athleisure products and it would be a good business decision to venture into that market.

I agree with the report that Singapore has athleisure fashion business opportunities that the strategic company such as Lululemon Athletica can exhaust. It is due to more people, from the youths to the aged are constantly joining health and wellness programs to maintain their body more active. Therefore, the trend is favoring the expansion of active wears market which can be utilized to attain more profitability.

Conclusion

The athleisure fashion market is continuing to expand across the Asian continent, especially in Singapore. The market expansion is being driven by the changes in consumers’ lifestyles, increasing disposable income and social changes where the elites are demanding athleisure products to maintain their healthy body as a sign of wealthy status. The attitude and perception of the Singaporeans consumers are also being transformed towards a healthy living which creates additional market demand for athleisure fashion products. The review indicates that there is a potential Singaporean market for athleisure products that is rapidly expanding which present a significant business opportunity. However, the existing body of knowledge does not recognize that athleisure wear market would be expected to reduce slightly as the economy of Singapore would decline slowly before showing recovery. The future studies should be examined if the high profits margins and market values of athleisure brands and firms would be sustainable for an extended period. The critical analysis results correlate with the previous studies which state that active wear market is growing at a higher rate in Singapore due to favorable consumer behaviors changes.

Bibliography

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