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Sunday, April 21, 2024

Tennis Racquet Gross sales at Specialty Shops Sluggish Down in Early 2023

Unit gross sales of tennis racquets in specialty tennis shops dropped by 7% within the first quarter of 2023, in comparison with the identical interval a 12 months in the past, studies Sports activities Advertising and marketing Surveys USA. Regardless of this, the market stays robust in comparison with the pre-pandemic interval.

Actually, whole first-quarter progress in comparison with 2019 stands at 18%. January and February gross sales had been notably robust this 12 months in comparison with the pre-pandemic 12 months, vital indicators for making a year-round marketplace for tennis items.

This has been achieved regardless of inflationary strain.

Simply over a 3rd of all unit gross sales at specialty shops had been for racquets between $200 to $249.99, with over 10% of racquets promoting for over $250 between January and March 2023, studies SMS.

This displays market dynamics presently of 12 months – when consumers are usually core tennis gamers together with these enjoying by means of the winter moderately than buying racquets as vacation presents or for summer time participation. But it surely additionally exhibits business success in elevating racquet costs consistent with inflation with out pricing out shoppers. In 2019, earlier than the pandemic, solely 35% of racquets bought in Q1 had been bought at $200 or larger. 4 years later, that proportion has almost reached 50% of the market.

The brand new inflow of tennis gamers additionally seems to have stimulated competitors available in the market. Earlier than the pandemic, 90% of specialty retailer racquet gross sales had been of the three greatest manufacturers available in the market however as of Q1 2023, that determine stands at beneath 80%.

Sports activities Advertising and marketing Surveys USA’s Adam Hile, mentioned: “Whereas there’ll understandably be some disappointment that tennis racquet gross sales have dipped in comparison with 2022, this isn’t sudden. The important thing indicator for the market was all the time going to be how most of the surging participant inhabitants stay engaged in tennis, and gross sales above and past the pandemic are an excellent signal that that is holding up effectively. It’s additionally pure that lots of those that have come into the game haven’t but reached the purpose of changing their first racquet, so there was all the time more likely to be some drop off in general unit gross sales. Rising common costs in Q1 recommend that loads of those that are shopping for are actually buying in direction of the highest finish of the market, having maybe constructed up their abilities and play frequency over the past two years. There are such a lot of nice tennis racquets in the marketplace, and that’s mirrored within the urge for food for racquets manufactured by numerous manufacturers.”

The figures come from the TIA Specialty Retailer Retail Audit, powered by Sports activities Advertising and marketing Surveys USA, which tracks gross sales of tennis items by means of specialty shops throughout America on a month-to-month foundation.



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