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Results of the Sports & Fitness Industry Association’s 2016 State of the Industry Report (SOTI) were released today, showing another moderate year of industry growth despite major disruption in the sporting goods sector.
This year’s report does a deep-dive analysis of millennials and their purchase and participation habits. Millennials are becoming the most powerful consumer segment, accounting for 25% of the U.S. Population and nearly $200 billion in annual spend. Research shows that Millennials seek authentic experiences and place an emphasis on experience over goods
Other analysis provided in this report cover: topline participation, consumer spending on sports and fitness, retail sales on year end 2015 & YTD 2016, wholesale shipment results and trade update; and a look ahead to the future of retail.
Today the Personal Health Investment Today (PHIT) Act (H.R.1218 & S.2218) received support from the 100th Member of Congress when Congressman Scott DesJarlais, a doctor from Tennessee signed on as a co-sponsor in the House of Representatives.The inactivity pandemic is a national problem that transcends politics. At a time when partisan politics are at an all-time high, the PHIT Act is truly bi-partisan as the 100 supporters are almost evenly split between Democrats (55) and Republicans (45) with new co-sponsors added every month since it was introduced, (except August 2015 when Congress was not in session). The bi-partisan support for a health-related tax bill makes the PHIT Act extremely unique and could be the key to its success. The 100 supporters are made up of 87 Congressman and 13 Senators.