By 2025, China’s sports and fitness market is predicted to exceed $725 billion in value, which is more than triple its 2016 worth of $216 billion.
They are also expecting that China’s sports-to-GDP ratio will reach 3 percent or higher by 2025, significantly higher than the 1.9 percent recorded in 2015.
This was based on the report entitled, “China gets its game on: The emerging power of China’s sports and fitness industry,” compiled by The Economist and sponsored by Anta Sports Products Limited, a Chinese sportswear giant, released by the Sports Digest.
The report aims to help policymakers, industry players, sports lovers, and the public gain more detailed understanding of the latest developments in the China’s sports market from a macro perspective, as well as revealing the market’s future landscape and opportunities.
“It is our hope that the report will generate more interest in China’s sports market and initiate discussion on its development,” said James Zheng, executive director at ANTA Sports and brand president of ANTA.
Presented to 80 senior executives from leading companies, media outlets, the investment community, the report also detailed Chinese government’s actions to promote sports among the population, particularly enhancing soccer.
They are also looking into combining traditional wellness practices with modern popular sports and the demand of sportswear than promotes ‘functionalization’, ‘premiumization’, and ‘differentiation’ that can enhance sports performance.
The country’s State Council is looking to expand China’s sports and market to more than 5 trillion yuan in value by 2025, more than a triple 1.5 billion yuan in 2016.
They are optimistic that hosting of the Winter Olympics in 2022 will further promote winter sports domestically.