Leading sporting goods brands, such as Nike, Adidas, and Puma, have joined forces to lobby policymakers globally for reduced tariffs. This unified approach is part of an effort to tackle rising inactivity, according to a report published by the World Federation of the Sporting Goods Industry (WFSGI).
The report, produced by consultants Oliver Wyman, highlights the industry's significant economic contribution, stating it generates a global GDP of $675bn, supports 28m jobs, and produces $120bn in direct tax revenues. The industry argues that its products are essential for physical activity and that its commercial success is linked to increasing public health.
Sporting goods currently face an average applied tariff of 14 per cent, which is almost three times higher than that for all traded goods. The WFSGI report suggests that easing these tariffs could deliver greater value by facilitating more exercise and creating societal benefits. Tony Simpson, global sports industry lead at Oliver Wyman, told City AM that affordability is a key driver for increasing wellbeing and better outcomes, which can be achieved through policy changes.
The WFSGI hopes the report will open a dialogue between the industry and policymakers worldwide.