The preferences of consumers in the South Korean sportswear market are undergoing significant shifts.
As the traditional giants Nike and Adidas face challenges to their dominance, emerging brands like New Balance and Asics are experiencing rapid growth.
Among the 2030 generation, particularly within the "fun run" crowd, there is a growing trend of prioritizing the enjoyment and individuality of running over performance records. As a result, more consumers are choosing running shoes as fashion items.
Due to these changing trends, the domestic sneaker market grew to approximately 4 trillion yen last year, with the running shoe segment alone surpassing 1 trillion yen.
Notably, New Balance and Asics have gained immense popularity, partly due to their association with celebrities. Asics saw its operating profit increase by 80% and sales rise by 14% in the first quarter of this year compared to the same period last year. Other brands like On Running and Hoka have also seen substantial growth.
New Balance’s "FuelCell SC Trainer v3" model sold out quickly, with over 500 customers lining up before the store opened. The success of these emerging brands is reshaping the traditional market landscape.
On the other hand, Nike is struggling. The company reported quarterly sales below market expectations on the 1st, leading to a roughly 6% drop in its stock price. According to the Wall Street Journal (WSJ), Nike has lagged in innovation, losing market share to competitors and seeing a decline in performance.
Data from online resale platform StockX shows that Nike and Jordan sneaker sales in the first half of this year fell by 21% compared to the same period last year, while sales for Asics and Adidas surged by roughly 600% and 90%, respectively.
For Korean shopping and business agency services
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