Economic Report



According to the winter forecast of the Kiel Institute for the World Economy (IfW Kiel) dated December 21, 2022, the global economy weakened over the course of 2022 under the burden of high energy prices and great uncertainty. Monetary policy was rapidly tightened in view of widespread high inflationary pressure and is now also slowing growth of the global economy. The experts at IfW Kiel expect global gross domestic product (GDP) to have risen by a total of 3.2% for the past financial year 2022. Positive stimulus came from easing supply bottlenecks and the continuing normalization of activity in the sectors hit hardest by the COVID-19 pandemic. However, economic momentum dropped off noticeably toward the end of the year. At the end of 2022, the major developed economies in particular were in a phase of weak economic development, despite significant fiscal support measures. In emerging markets, economic growth is robust. In China, however, the economic situation continues to be burdened primarily by COVID-19 and also by problems in the real estate sector.


Despite the operational challenges, the sporting goods industry was able to build on its growth of previous financial years in 2022. During the year, for example, the problematic freight situation, especially in the first half of the year, with high freight rates, inadequate capacity and overloaded ports, contributed to limited product availability. In contrast, the sporting goods industry benefited from robust consumer spending, especially in Western countries. However, due to the ongoing challenges in the supply chain, the industry was not always able to meet the increasing demand.

The major sporting events held in 2022, such as the Olympic Winter Games in Beijing and the Football World Cup in Qatar, had a positive effect on the sporting goods industry. Moreover, as a result of the COVID-19 pandemic, more sporting activity and an increasingly healthy and sustainable lifestyle, continued to gain in importance for an ever-increasing proportion of the world's population. Among other things, this resulted in the increased popularity of athletic footwear and leisure/athletic apparel as an integral part of everyday fashion ("athleisure").