The research conducted by the Leisure Trends Group and commissioned by SIMA also reveal a a shift in the industry’s core retail landscape.
"We have seen considerable contraction in the independent wholesale channel and rapid expansion into mall chains and all forms of owned retail, and this shift is reflected in the sales data", says Doug Palladini, SIMA President and Vice President of Marketing for Vans.
Total sales dipped 13.6% from $7.22 Billion in 2008 to $6.24 Billion in 2010, but things are getting better as the world economy rises from recession. Passion and youth continue to largely drive the surf industry. Surfers and skaters view the industry as a lifestyle, not a passing trend. Thus the core of the industry remains strong despite the tough economic times.
The loyalty of surfers andskaters to the lifestyle and sport is shown in the increasing demand for surf/skate footwear, wetsuits and hard goods as evidenced by the growth of these key categories.
"The good news among remaining core board sports retailers is that their opportunity is perhaps greater than ever,” says Sean Smith, SIMA Executive Director. “Surfing is a culture and sport defined by passion - it’s not a hobby or pastime for core participants. Even in a down economy, core surfers will keep surfing and youth will still desire to be apart of the surf lifestyle and culture."
Footwear generates the greatest sales with $1.5 billion (up 8.2% over 2008). Wetsuits sales also increased to $110.4 million in 2010 (up 24.3% over 2008) and returning to a level not seen since 2006.
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