Olympics unlikely to bring boost for Japanese brands
Japanese research firms Mitsubishi UFJ and Macromill have put a value of $14.5 billion on the sports market in the Asian country in 2020, down by 30% from the previous year.
Clothing, shoes and equipment for individual activity such as working out or running have continued to sell well, but researchers said a downturn in playing team sports, caused by the pandemic, had led to the decline in overall market value.
Brands including ASICS and Descente have spoken in recent weeks of having given up on their hope of a boost from the delayed Tokyo 2020 Olympics, taking place this summer instead.
High rates of infection in Tokyo and Olympic events taking place without spectators in the stadiums have reduced enthusiasm among consumers. Promotions that brands have done around the games have been much lower-key than planned.
