Tuesday, November 28, 2023

Chinese people ready to stay fit and keep accelerating market

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A women runs on a treadmill in Chenzhou, Hunan province. [Photo/China Daily]

China”s sports market is expected to maintain an annual growth rate of more than 5.2 percent in the next three to five years, buoyed by the fitness craze spreading across the country, consumption upgrades and a series of policies spurring the sports industry, according to a report released by global consultancy PwC.

Despite the COVID-19 pandemic, Chinese consumers have shown great enthusiasm for fitness and a robust demand for sports shoes, apparel and equipment, the report said, estimating the country’s sports industry will see speedy growth along with the steady recovery in consumption and investment.

The revenue of China’s sports industry will amount to 5 trillion yuan ($725.4 billion) during the 14th Five-Year Plan (2021-25) period 2025, with residents’ sports consumption exceeding 2.8 trillion yuan and more than 8 million people working in the sector.

Zhou Xing, partner of sports industry at PwC China said the upcoming Summer World University Games in Chengdu and the Asian Games in Hangzhou will further boost sports consumption, and the emergence of new technologies, such as artificial intelligence will promote the digital transformation of the sports industry.

The report said China’s esports revenue has surpassed the United States and become the world’s largest e-sports market. In addition, the esports will be included as an official medal event in the Asian Games held in Hangzhou in September, which will bring about new business opportunities for the esports industry.

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