22 May 2023
China sportswear market has rose at an 8.8% CAGR in 2018-22 to Rmb411bn last year, and iiMedia Research suggests that by 2025, the market size could reach Rmb599bn, which translates to a CAGR of 13.4% in 2022-2025, with the growth acceleration mainly driven by consumer spending picking up post COVID pandemic, with more people able to do outdoor exercise. Long term driver for this market, according to a McKinsey 2023 report, would be i) government support for healthy lifestyles under the “Fitness for All” program; ii) the expansion of the middle class (% of upper-middle and high income group was up from 12% in 2015 to 39% in 2021, and is expected to achieve 54% by 2025); and iii) rising female demand (unlike in Europe and the Americas, women in China spend 15-20% more on sports and fitness than men).