With COVID-19 forcing people to stay indoors, it’s inevitable that sports businesses would take a hit. On the flipside, however, more and more people are waiting for preworkout speed to kick in on their fitness equipment, as sporting goods stores ride out the pandemic by catering to people looking to stay fit at home.
The Federation of European Sporting Goods Industry (FEDI) published a report that claimed that the COVID-19 pandemic led to 45% of companies operating in the region’s sporting goods industry declared losses ranging from 50%-90% earlier in June 2020.
This is notable as the FESI is the organization that represents about 1,800 sporting goods manufacturers in Europe, accounting for about 85% of the whole market. FESI President Neil Narriman stated that the drop in sales were due to brick and mortar stores closing across the world, Europe included, on top of the changes to how people behaved.
Cyprus was no exception, with sports-related businesses on the island taking huge financial losses due to the COVID-19 pandemic. Gyms have been teetering on the edge of collapse, as the government response to the pandemic imposed heavy lockdowns, which covered the peak period for the industry, which is February-May.
Andreas Aristidou, representing about 164 Cypriot gym owners, even wrote a letter to President Nicos Anastasiades earlier in June to speed up reopening, saying that a lot of sports facilities couldn’t survive the lockdown.
Airstidou notes that the Cypriot gym industry was actually hit harder than that hotel industry, as the lockdown left them unable to operate during March, April, and May, the months that account for about 70% of gyms’ annual income.
On the flipside, sporting goods store have managed to stay afloat, as more and more people look to sporting goods to help them stay fit during lockdown.
Famous Sports’ manager stated that they were caught off guard, as they were expecting their online sales to drop. Instead, more and more people were looking for fitness equipment for their home, waiting for their preworkout speed to kick in, and ordering from their online marketplace.
The manager notes that demand for sporting goods spiked so hard that supply was unable to keep up.