The Rewards of Research

Want to increase sales? One way is research that helps you keep tabs on the market.

The global pandemic of 2020 unleashed forces that fundamentally changed the volume and types of hunting, fishing, and firearm-related products consumed. In response to many factors-distancing requirements, social unrest, and political changes, to name only a few-demand reached unanticipated levels, creating unexpected challenges for shooting sports retailers across the board.

Southwick Associates (a market research, statistics, and economics firm that specializes in the hunting, shooting, sportfishing, and outdoor recreation markets) recently released a report that can help retailers understand some of the new dynamics in the $24 billion firearms, hunting, and recreational shooting market.

“This past year has presented many business challenges that both spiked and suppressed sales,” says Nancy Bacon, vice president at Southwick Associates. “COVID-19 and social issues drove demand to all-time highs. Simultaneously, the same factors resulted in depleted wholesale and retail inventories, closed factories, shortages of materials, and backed-up ports, causing significant supply pressures. Our new market size reports are designed to help businesses better understand the new operating world.”

All major categories tracked by Southwick Associates showed increases. After slight growth in the first quarter of 2020, firearms and ammunition sales exploded the rest of the year, experiencing growth exceeding 60 percent even with supply constraints. Hunting and shooting sports accessories also saw growth.

The new report is available from Southwick Associates for $3,500. It presents retail unit and dollar sales estimates. The hunting/shooting report lists more than 100 products directly associated with hunting and recreational shooting and includesbreakouts by action type, caliber/gauge, the primary purpose for consumers’ purchases and more.

Only equipment directly associated with hunting, recreational shooting, and personal protection are reported.

It is said that knowledge is power. When it comes to selling product, research can help empower both retailers and manufacturers. Rob Southwick, president of Southwick Associates, told SHOT Business just how important research is to your bottom line. “The results can help retailers identify gaps in their product offering to fill and boost sales. And by watching results year over year, manufacturers can identify shifts in demand, creating new sales opportunities.” (southwickassociates.com)