Wool prices boosted by rise of knitted sneakers
22/01/2018
Adidas, Nike and Puma are among the sportswear brands using wool in sneakers and athletic clothing. This has contributed to rising demand, which, when combined with a reduced supply, has created a “perfect storm” for wool, according to AWI.
There has also been increased demand from traditional markets such as China. Stuart McCullough, AWI’s chief executive, has explained: “China is the perfect consumer of Australian wool - they have always been good manufacturers and they also now have the affluence to start buying wool more for their own use.”
Despite a successful 2017 for the wool industry, Mr McCullough has said there is more room for improvement and pointed to the US as region where there is still scope for significant growth. Per capita wool consumption in the US is 300 grammes per year, according to Mr McCullough, compared to around one kilogramme in China, Europe and Canada.
AWI is leading a campaign to boost wool use in the US and is planning to run television adds later in 2018 to attract younger consumers who have a greater interest in responsible sourcing and product life. The campaign will focus on outdoor and leisurewear garments.
Discussing the increased use of wool by sportswear brands in sneakers and clothing, Mr McCullough said these companies “recognise that there is a generation coming through that wants to know where it comes from and where it is going to.”
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