The Chinese Take on Athleisure•
Posted on May 01 2017
Athleisure merges the words “athletics” and “leisure.” This term refers to the worldwide fashion style intended for exercises, but can be worn in non-athletic settings like work, casual, or even social events. With the athleisure trend gaining ubiquity around the world, buyers begun to perceive that sportswear can be functional and stylish at the same time. This trend has taken over the western world, all right, and it has started to take on the Chinese market as well. This healthy lifestyle and fashion trend matched with the athleisure trend and quickly took off among Chinese customers both men and women, especially the young millennials. The Chinese middle class has been more and more eager to pay higher for better quality lifestyle items. With the interest for great athletic garments, a developing number of US organizations started to create items blending design with sportswear for the Chinese market.
The more the buying power of the Chinese market increases, more purchasers focus on their health and need to seek after a fitter way of life. However, the Chinese games industry is as yet underdeveloped. Games are 3 percent of GDP in the U.S. be that as it may, represented only 0.7 percent of China's GDP a year ago, or 474 billion yuan ($72 billion), as per a January report by ICBC examiner Jianpeng Yu. Be that as it may, the Chinese government contributes hugely on the domestic sports market and is trying to bring more enthusiasm up in games before the Beijing Winter Olympics in 2022. Inside its thirteenth Five-Year Plan, the General Administration of Sport of China has the objective of making an industry worth 3 trillion yuan, which could contribute around 1 for every penny of the national GDP by 2020, contrasted with 0.7 for every penny in 2015. As per statistics, China's expert games industry could develop by a compound yearly rate of more than 20 for each penny to hit 1.6 trillion yuan (US$242 billion) in yearly income by 2025, a report by venture capital firm China eCapital Corp showed. The health business is developing rapidly with offers of 127.2 billion yuan in 2014, an 84 percent expansion more than 2009, as indicated by the China Daily Paper.
A recent report from Macquarie Research provides a specific example — VF Corp, an apparel company that has brands in categories like sportswear and outdoor sports, has developed its Asian market from $20 million to $1.2 billion in the past 10 years, including over $600 million in China only.
The general Chinese athleisure market has been expanding rapidly in the past few years, making its way into the luxury-goods tier that rose up years earlier. Reuters reported earlier this year that "GPS sport watches, compression leggings, and hydration packs are the new must-haves for wealthy Chinese, pumping up the multibillion-dollar sportswear industry at a time when China's elite are reining in spending on more traditional luxury brands.”
“Across China there is a growing interest in personal health, fitness and overall wellbeing, and we see very strong demand from our customers in these categories,” said Alibaba’s Hao Li.
China, indeed, is starting to be a major player in the global athleisure market. Almost 60% purchasers ordinarily post pictures on various social media sites when they work out or play different games. Driven by social media and the power of influencers, the athleisure wear is not just for individuals who need to get to the gym after work, as it turned out to be a daily casual wear for Chinese millennials.
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