Economic conditions

Economic conditions

Global economy

According to the winter forecast published by the Kiel Institute for the World Economy (ifw Kiel) on 10 December 2025, the global economy proved overall robust in 2025 despite increased economic policy uncertainty. For the full year, the experts at ifw Kiel expect an increase in global gross domestic product (GDP) of 3.3%, representing a slightly higher expansion than assumed in the winter forecast 2024. Global economic activity was supported primarily by unexpectedly strong trade dynamics and continuing high capital expenditure in the environment of the AI boom. At the same time, trade policy actions, particularly US tariffs, had an impact on economic development worldwide.

While the US economy expanded significantly once again, growth in Europe remained subdued and the Japanese economy contracted. Momentum weakened slightly overall in emerging markets, particularly in Latin America, while China lost pace moderately. The global monetary policy environment remained mixed, with the US Federal Reserve resuming its easing path in light of rising labour market risks. By contrast, the European Central Bank kept interest rates stable.

Sporting goods industry

The sporting goods industry was again characterised by a challenging market environment in 2025. After a difficult previous year, the industry remained faced with volatile consumer sentiment, geopolitical tensions as well as an intense competitive and promotional environment. At the same time, a persistently high price and discount orientation among consumers dampened market dynamics over large parts of the year. This resulted in partly differing impacts on the regional development of the sporting goods industry. In the USA, for example, domestic political issues led to strong consumer restraint, and in China, customer reluctance towards Western brands remained unchanged. Furthermore, young, strongly growing brands led to further increasing competitive pressure.

An increasingly active lifestyle, a growing awareness of health and well-being, and the progressive merger of sports and leisure clothing ("athleisure") remain material drivers of consumer demand. In addition, the major sporting events held in 2025 – including the UEFA Euro 2025 women's football championship in Switzerland and the World Athletics Championships in Japan – provide additional momentum for sports activities and the associated demand for products. Athletic footwear and sports-inspired everyday fashion continue to enjoy high popularity worldwide, as consumers seek products that are simultaneously functional, comfortable, and fashionable.