Industry Analysis & Industry Trends
Over the next five years, as total recreation expenditure expands, demand at hiking and outdoor equipment is anticipated to grow. Nonetheless, external competition will remain a challenge as hiking and outdoor equipment becomes increasingly pervasive in other stores, a trend of the past five years. During that time, major companies like REI and Pategonia responded to rising competition by capitalizing on staff expertise and in-house manufacturing capabilities to attract consumers. For example, these companies focus more on in-store events like classes, book signings and movie screenings to bring consumers in to explore their products.... purchase to read more
Industry Report - Industry Analysis Chapter
Despite low disposable income and escalating competition, the Hiking and Outdoor Equipment Stores industry benefited from the rising popularity of outdoor recreational activities during the past five years. Based on the latest data from the National Sporting Goods Association, IBISWorld estimates that the popularity of hiking rose 8.1% annually on average since 2008, indicating that more than 40.0% of Americans will go hiking at least once in 2013. Similarly, sales of camping gear are estimated to rise at a 1.1% annualized rate as total recreation expenditure rises. As a result, IBISWorld estimates that the industry has grown 2.1% annually on average to $4.7 billion during the five years to 2013... purchase to read more