Traditional Luxury Goods Stimulate The Sports Apparel Industry, And Expect To Catch Up With Them.

Media say that the Chinese elite is tightening in tradition.

At the time of expenditure, GPS sports watches, tights and water bag backpacks have become new necessities for Chinese rich people, which has stimulated billions of dollars in the sports apparel industry.

It is reported that the limit is

And expensive sports clothes are popular, thanks in part to the Chinese government's promotion campaign before the 2022 Winter Olympics and the acquisition of the world iron man company by billionaire Wang Jianlin last year.

China has fully liberalized the second child since the implementation of the one-child policy in 36 years, which is expected to boost the growth of the sports apparel market.

And Lulu lemons in Canada are also preparing to explore business opportunities.

"China has huge business opportunities for healthy and healthy lifestyles," said ColinGrant, chief executive officer of Hongkong based PureGroup.

PureGroup's business in Asia covers fitness, yoga, retail and nutrition.

"Luxury goods are facing challenges, but sportswear is the highlight of the industry.

Some people in China wear sportswear to attend weddings. "

Dalian Wanda Group bought the world's Ironman company last year for $650 million. The deal is intended to tap the opportunities brought by China's growing fitness and fitness trend.

According to the China Athletic Association, China held 134 marathons and road running competitions last year, an increase of 160% over the same period in 2014.

The Chinese government says that as part of the campaign to promote national sports and healthier lifestyles, more than 900 thousand sports venues and fitness centers will be built by 2025.

For the two western brands that have been active in China, Andrew and Lulu lemon, China has provided opportunities to grow outside the mature markets of the United States and Europe.

Andemar, the second largest sporting goods manufacturer in the United States, predicts that its sales in China will increase by 25% every year by 2018, while Lulu lemon, a yoga clothing giant based in Vancouver, says its first Hongkong store is expected to record sales of $8 million this year.

But they are facing fierce competition from many sports brands in China, such as Anta, XTEP and 31st degree. These Chinese companies surged last year in the range of 34-56%.

This contrasts sharply with the performance of the traditional luxury giant. Prada luxury group Prada fell 45% in Hong Kong Stock Exchange last year, as China's anti-corruption and economic growth dropped to its lowest level in 25 years, forcing the Chinese affluent to change their spending habits.

Some of the expenses previously used for French wines and Italy leather products seem to flow to high-end heart rate monitors and running shoes.

According to market research firm Euromonitor, by 2020, China's sportswear market will exceed the luxury market, with two digit growth to 280 billion 800 million yuan per year, and the luxury market will grow to only 192 billion 400 million yuan per year.

Euromonitor said that by comparison, the size of the sportswear market in Europe will reach US $64 billion by 2020.

China's sportswear market is just beginning to show its strength.

According to OrientalPatronResearch, the contribution of sports industry to China's overall GDP is 0.67%, while that of the European Union and the United States is 2.2% and 3.5% respectively.