(Bloomberg) -- If someone showed particular interest in your sneakers in New York City’s Central Park, they may have been a Morgan Stanley analyst.

The bank’s apparel researchers including Edouard Aubin spent last Sunday watching the shoe brands of more than 250 joggers. The study’s “anecdotal” findings were of particular interest for Adidas AG, they said in a note to clients. 

Runners wearing the German apparel maker’s shoes in the study represented only about half of research group Euromonitor’s estimate of an 11% share for Adidas in the sports footwear market. The finding implies that Adidas has made little progress growing its appeal among runners, the analysts said, as the sector is estimated to top $74 billion in revenue by 2031.

Bloomberg has reached out to Adidas for comment.

Sneakers made by Nike Inc. were the chosen brand for 17% of the joggers, with no shoemaker accounting for more than 20% of the sample. This demonstrates how competitive and fragmented the running-shoe market has become, the analysts said. 

Barriers to entry are low, with two younger brands — Deckers Outdoor Corp’s Hoka and On Holding AG’s On Running — accounting for about 25% of the sample, they said.

The Morgan Stanley research reflects the alternative methods of data gathering that some equity analysts are resorting to. Back in 2019, a Jefferies LLC analyst spent four weeks working shifts for Deliveroo Plc to assist his study of the food-delivery sector.

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