According to Euro-monitor International, by 2020, China’s sportswear market would see double-digit growth and reach approximately 280.8 billion yuan eventually surpassing the luxury products market that will show single-digit growth in the same period. It is presumed that by 2020, it would reach up to 400 million Yuan in comparison to the European sportswear market that is expected to reach $ 64 billion.
GPS sports watch, tight pants, water sports equipment and a host of Chinese products have prompted China’s sportswear market to touch new high as its worth billions of dollars now. Among these products, ultimate sportswear and premium sportswear are popular, partly because of the coming Winter Olympics 1o be held in 2022 in Beijing and partly because the effluent class of Chinese population buys Iron man sports products.
After launching a children’s category in China, the sportswear market is also expected to continue to grow as the US’s Under Armour and Canaian brand Lululemon. Colin Grant, Group Chief Executive of Pure Yoga products and nutritional products said that sport and health products have great potential in the Chinese market.
Under Armour has said that by 2018, its China’s sales will be 25 per cent more than other markets. Yoga products giant Lululemon expects sales of its first store in Hong Kong, China will reach $8 million this year. But they will have to face fierce competition from China’s local brands like Anta, xtep and 361 degrees. After the Chinese government’s anti-corruption campaign in 2015, the share prices of brands such as Prada fell by 45 per cent at the Hong Kong Stock Exchange. The slowdown in the Chinese economy has also been caused by the change in shopping habits by the Chinese.