05 Aug 2024
With the Paris Olympics ongoing, 2024 is shaping up to be a truly significant year for sports, with domestic sports consumption continuing to rise. The love for outdoor activities and the pursuit of a healthy lifestyle among domestic consumers have driven a surge in demand for sports consumption. According to the “2023 Sports Marketing White Paper” released by the third-party agency Miaozhen Systems, the scale of China’s sports consumption in 2023 is Rmb1.5tn, and it is expected to grow to Rmb2.8tn by 2025. According to Euromonitor, the China’s sportswear market has grew 14.2% YoY in 2023 to Rmb386bn, and is expected to grow to Rmb560bn by 2028, translating to a 2023-2028 CAGR of 7.7%. During the 618 shopping festival, according to statistics, the number of sports and outdoor brands on Tmall that broke the Rmb100m mark reached 29. Among domestic brands, FILA, Li Ning, and Anta ranked second, fourth, and fifth on Tmall and Douyin’s sports and outdoor sales charts, respectively, while 361 Degrees, which targets the mass sports consumer market, ranked ninth.