Consumers are actively seeking out brands and products that improve their physical and mental health.
According to Euromonitor International, demand for women’s sportswear and femtech innovations is growing as consumers increasingly prioritize products that simplify their lives and optimize their health.
The global focus on health and wellness is directly benefiting the sportswear sector, which is expected to grow by 4% in 2024, outpacing the 2% growth expected for apparel and footwear overall, according to the report.
The company added that it also expects the 2024 Paris Olympics, which promises full gender equality, to further boost sales of women’s sportswear, highlighting the opportunity for brands to capitalise on growing participation and viewership in female sport.
“The financial strain caused by the rising cost of living, political instability in Europe and the Middle East, and the everyday stresses of the climate emergency are creating a state of perpetual crisis,” the report said. “This is hitting consumers around the world hardest, particularly female consumers and younger consumers.”
According to Euromonitor’s Voice of the Consumer: Health and Nutrition Survey conducted in January-February 2024, 39% of Gen Z and 36% of millennials experience stress or anxiety on a daily basis.
Meanwhile, major sportswear brands are also aggressively targeting the female demographic: Puma’s study on ACL injuries in women, Nike’s “Coaching HER” initiative to support young female athletes, and ASICS’ campaign promoting the mental health benefits of exercise are good examples of this strategic focus.
By 2023, women’s sportswear sales will reach $143 billion worldwide, accounting for 36% of total sportswear sales and growing faster than men’s sportswear over the past five years.
Beyond sports, we are seeing an increase in products aimed at women, including functional drinks, smart wearables, fitness apps and beauty promotions. This trend highlights a broader consumer shift towards holistic wellness solutions underpinned by advances in technology and science.
Additionally, femtech, which has traditionally focused on fertility and pregnancy, is expanding into new areas of women’s health and preventive care.
With 50% of global female consumers planning to use health-related mobile apps and 51% planning to increase their spending on health and wellness by 2023, the market for femtech and women’s specific health products is poised for significant growth.
“As the conversation around women’s bodies evolves, more opportunities will arise for brands that can develop solutions tailored to female consumers, and those that are already investing in this today will be in the best position to thrive,” the report said.
