China Is One Of The Largest Sports Consumer Markets In The World

As the economic level rises, sports activities have become an important part of Chinese daily life. Meanwhile, the proportion of sports consumption expenditures continues to rise. According to statistics, the total output of China’s sports industry has increased from 1.7 trillion yuan in 2015 to 3.36 trillion yuan in 2022, with a compound annual growth rate of more than 10%, much higher than the growth rate of GDP in the same period, and has become an emerging force to drive consumption growth.

Nowadays, China has become one of the largest sports consumer markets in the world, with a market scale of about 1.5 trillion yuan, and the number of people who regularly participate in exercise exceeds 500 million. The reasons for this can be seen in the following two major aspects.

THE SUPPORT OF GOVERNMENT POLICY

In July this year, NATIONAL DEVELOPMENT AND REFORM COMMISSION issued a notice Measures to Recovery and Expansion of Consumption, in which sports consumption is mentioned in many places.

For example, to promote the consumption of cultural and sports exhibitions; to encourage the organization of various sports events, and to increase the number of off-line and on-line sports activities with a wide range of visitors; and to implement the action of upgrading the national fitness facilities, and to strengthen the construction of sports parks, and so on. Under the guiding policies at the national level, China’s provinces and cities have taken measures to vigorously stimulate the new vitality of sports consumption, making it positive to local economic development.

THE FORMATION OF SPORT ATMOSPHERE

Since 2023, a series of world-class sports events such as the WORLD UNIVERSITY GAMES SUMMER and THE ASIAN GAMES have followed. Driven by sports events, people can be attracted and inspired to participate in physical exercise. It has had a positive effect on boosting sports consumption, driving the growth of the local sports industry, and promoting the city’s economic and social development.

In addition, the explosion of RURAL SPORTS IP has set off a national fitness movement boom. These folk events that touch the lives of the masses have effectively promoted the development of mass sports and gradually made sports an indispensable part of the public’s daily life.

IWF has an unique role in promoting supply-demand matchmaking and leading consumption trends, also is an important platform and carrier for promoting sports consumption.

As a typical case of Shanghai Sports Consumption Festival 2023, IWF Shanghai 2023 had greatly came into play in promoting consumption through the integration of digitalization and fitness.

IWF2024 will actively promote the mode of “Sports and Fitness + Digital”, open up the sports technology track, with intelligent eco-sports systems, smart wearable exhibits, etc., so as to respond to the new trend and expand domestic demand.