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Industry experts Matt Powell, Walt Sheppard, and Steve Gendron discussed about how the outdoor industry is rapidly evolving while business strategies lag behind and we will explore insights on how companies can adapt to these shifts
Highlights from the Q&A: Watch Key Moments
In your recent report, growth models for the outdoor industry, you identified 5 under leverage growth opportunities for outdoor brands and retailers. Can you share a bit about what prompted you to investigate these growth levers, and how you see the current state of the outdoor category?
Matt’Powell’s: During the pandemic, outdoor activities surged, driven by safety concerns and stimulus money. However, many consumers bought more gear than needed, resulting in fewer repeat sales, and climate change has impacted winter sales.
Walt’s Walt’s: While growth didn’t take off as I hoped post-pandemic, there’s great potential. Warmer winters present challenges, but the industry can adapt and find new ways to succeed moving forward
With a warmer October November December impacting traditional outdoor sales cycles, how can the outdoor industry adapt its strategies to continue driving growth and stay relevant to consumers in this changing environment?
Where do you see the largest opportunity for growth welcoming new types of customers? And how do you see it translating into the expectations that consumers might have for their in-store experience and their interactions as they walk into a store?
Matt Powell’s Answer:Families represent the largest growth opportunity in the outdoor industry. Their needs are often overlooked, and they typically start with little to no gear. Offering them essential, practical equipment, rather than high-end, elite products, can enhance their outdoor experience and drive growth.
Walter Shepard’s Answer: Younger generations and families are key to growth, especially as we make the outdoors relevant to their busy lives. The focus should be on outfitting people with apparel that allows them to feel like participants, with fashion playing a bigger role in how they engage with the outdoors.
Steve Gendron’s Answer: As a father, I see the importance of outfitting families with the right gear, especially starting with apparel. Many people engage with the outdoors because they did it as kids, so getting families involved and ensuring they have the right products is crucial for the long-term sustainability of the industry